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Worried About Retirement Savings? 5 Things To Keep In Mind

The economy has been seeing drastic fluctuations, mostly working against the average taxpayer. This comes as no secret, and it’s only natural for people to start growing concerned for their future. If you’re worried about your retirement savings holding up by the time you reach retirement age, your trusted professionals at Maggi Tax in Tampa are here to help you keep some things in mind as you continue to save up:

1. There Are Financial Strategies That Can Help With Inflation and Cost of Living After Retirement

Ensuring that your retirement account is able to keep up with rising inflation is often as simple as re-evaluating your financial plan. A minor tweak can be all you need to secure your future, or you may have to devise a new budget. Meeting with a financial advisor is an effective way to prevent outliving your retirement savings too early, or you can look into annuities that can help you save properly. A professional will be able to help you navigate your options.

Learn more > 4 Common Retirement Fears and How We Can Help You Avoid Them

2. Re-allocate Your Assets to Keep Investments From Falling Behind In the Changing Economy

If you have an investment portfolio that you use for securing income after retirement, a reallocation of assets may be in order to ensure your stocks, bonds, and other assets don’t fall behind in the changing economy. One of the common reasons people struggle to save for retirement is that they don’t take the time to adapt to the situation as necessary, but seeing a financial advisor can help you realize what parts of your portfolio need to be adjusted and the best ways to go about it. This can involve selling stocks at a loss and using the funds towards something with greater potential or focusing more on non-liquid investments that can directly improve your quality of life in the future like a house.

3. Keep a Separate Savings Account Dedicated to Possible Medical Costs

You will most likely need more medical attention as you reach retirement, and those bills can burn through your savings if you’re not prepared for it. A couple of goliaths among retirees is the cost of long-term care and health insurance. One of the best ways to combat this is to open up a separate savings account for medical expenses such as a pre-taxed health savings account (or HSA). Even if you’re only able to contribute a little at a time, any amount that you can save for later can help with your bills when the time comes.

Read more > Health Savings Accounts FAQ

4. Set Up a Life Insurance Policy to Prepare For Unexpected Changes In Marital Status

Is a single spouse generating most (or all) of the income in your household? A change in marital status after retirement, whether it be expected or not, can make it difficult to maintain your current income. Your social security benefits may take a hit as well as other sources of income. This can be stress-inducing if you don’t have a plan in place, and so we highly recommend that you look into a life insurance policy or have a financial advisor assist you with legacy and estate planning.

5. A Financial Advisor Specializing In Retirement Planning Can Help You Account For Every Situation

As we’ve mentioned throughout this article, seeking professional services from a financial advisor is the best thing you can do to prepare for retirement. An advisor will be able to set up a custom retirement plan based on your current income and expenses and help you set up an estate and legacy plan if you have loved ones that you want to protect.

Secure Your Retirement By Scheduling a Consultation With Maggi Tax Today!

Stop worrying about your retirement savings and call Maggi Tax at (727) 799-1701 for professional retirement planning services in Tampa. In the meantime, read our end-of-the-year retirement tips effective strategies in safeguarding your future!


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