Chances are you spent much of your life saving for retirement. Now that you’re finally retired, it’s normal to want to spend the money that you’ve worked so hard to put in your nest-egg. Be aware that there are some mistakes that you can make that could really hurt you and deplete your savings more than you realize.
Don’t start Social Security too soon.
Technically, you’re able to start taking your Social Security at 62. However, if you do you’ll receive around 25% less that you would at age 66, when you’re hitting full retirement age. If you want to accumulate 32% more, then you should delay tapping into Social Security until you’re 70.
Don’t focus on return.
If you’re focusing too much on your investment returns instead of how you’re going to turn your assets into a means income that is consistent, that could produce some problems. If you’re looking for more security you might want to keep as much of your assets invested as possible, and a good number is around 4%.
Understand what you can control.
Most of the time, you cannot control what results or returns your investments bring in. However, there is one very big thing that you have complete and full control over, and that’s your spending. Keep a budget that outlines your expenses. Keep track of your bills that you have to pay and also set a budget for discretionary spending.
Of course it’s not easy to have a worry-free retirement you’re your retirement nest-egg is still invested on the risky stock market. On-going fees and commissions along with the risk and corruption that exist within the financial industry could cost you a great deal of your retirement savings, and that’s money you cannot make up if you’re already in retirement and not working. Get educated on the exclusive Crash Proof Retirement System which is guaranteed to protect your principle so when the market crashes, your accounts stay even, but can also be designed to generate income and take advantage of market increases. Start your education today by calling 1-800-722-9728 or go to Crashproofretirement.com and register to attend a no-cost/no-obligation educational event with the creator of the proprietary Crash Proof Retirement System: Phil Cannella. See more below.