Looking for reliable retirement income? Invest in a safe retirement strategy

One of the biggest fears you may have about retirement is how long your money will last as you make it. You may also be asking: How much can I spend? How much do I need? How much do I have? There are many questions.

The Good News: The Stanford Center for Longevity, in collaboration with the Society of Scientists (SOA) has some answers. They analyzed 292 retirement income strategies and recommended a “safe retirement strategy” as the best way to spend retirement.

Want to explore other options? Check out 18 other free strategies.

How to spend safely in a retirement plan can help you have a more secure retirement

Stanford researchers, Steve Vernon, Wade Pfau, and Joe Pfau, Joe Pfau, wanted to find out which retirement strategy provided the highest retirement income.

They also wanted a retirement plan that:

• Almost anyone can do it on their own, without the help of a financial advisor
• It reduces the risk of volatility
• It can keep pace with inflation
• Limits the chances of failure (falling)

What is the safe money removed from the retirement plan?

Safe money in retirement planning is designed to help low-income workers and retirees decide when to retire, how much to spend in retirement, and how to best use financial resources.

The main goal of the plan is to help you recover your assets – social security, work capacity, savings and home equity – from the income of the witch is possible.

Why should you trust this retirement idea?

You’ve probably read about hundreds of different retirement influencer strategies. Why is this different?

Well, to begin with, this concept is suggested by some organized guys who have done incredible amounts of detailed research and calculations to make this recommendation. Not only are these professionals smart, but they also use technology that can be used regularly in retirement planning.

As the Safely Invested in Retirement Forum says: “Professionals with investment expertise tend to find productive investment solutions for retirement, while professionals with expertise in insurance products tend to be preferred.

Both types of professionals may not consider or advise their clients in relation to other financial resources such as home equity.

5 components to a safe spending plan for retirement

There are 5 components to a safe retirement strategy:

1. Delaying Public Safety

Maximizing the amount of this benefit means waiting to start until at least your retirement date. If you wait too long to start social security, it will be a big shaker of the month. Use the Social Security Explorer (part of the Boldin Retirement Planner) to find the appropriate age to start benefits.

And, if you’re married, learn about the best social security decision you can make.

Vernon writes, “Social Security benefits are a near-retirement income generator, protecting you against several risks: Longevity, falling prices, and stock market crashes, and stock market crashes and mental declines to increase the value of this valuable benefit.”

2. Schedule your withdrawal from savings

Stanford researchers recommend that your retirement savings be invested in low-cost mutual funds, mutual funds, or index funds.

And then, use the required distribution (RMD) formula to find your annual withdrawal from these savings. (And don’t make early withdrawals. But, if you do, keep 3.5% of your account balance.)

Until recently, RMDs began at age 72.

3. Find out more about the costs involved

Now comes the hard part. You need to make sure that the income from the above sources – and the pension if you are lucky enough to have one – is enough to cover all your fixed expenses.

The more accurate you can be in entering your costs, the more likely your plan will be. (Boldin’s retirement planner lets you set spending in more than 70 different categories and adjust your spending over time.)

4. Explore other sources of money to fill tears

If you have decided how much money you can get from social security, any pensions you may have, and withdrawals every year from Savings, now you can start working to fill any dead ones.

A safe money in retirement strategy recommends that you consider delaying retirement, reducing expenses, finding a retirement job, and/or tapping home equity to fill the gaps.

5

If you have a lot of savings, you may choose something more complex for your property: Annuity, which exchanges your withdrawal amounts based on the return of money (setting a bond ladder, or establishing a bond allocation on your property.

Model the Implement Security Strategy Safely, With Your Data

This strategy sounds straightforward. But is it so? Try it with your data.

You can discuss how to safely invest in a retirement plan with a financial advisor, or you can try it out yourself using the Boldn Planner:

• Start by entering where you are now – your savings, where you would like to retire, etc.
• Then, try to spend safely in your Social Security retirement plan and savings. (Boldin’s program automatically calculates and uses your RMDs. If these withdrawals are not enough to cover monthly expenses, they will be added to your “savings.”
• With each change you make to your existing data, you will be able to see exactly how your cash flow, retirement savings, asset value, and creditworthiness have been affected.

Get expert support for safe retirement planning

Retirement income planning is a big reason people want to be guided by a financial professional. Converting your assets into sufficient lifetime income is critical to your retirement success.

Did you know that Boldlin has a counseling service? Deal with a fee-paying certified fiduciary planner Book a free discovery session.