You could save up your entire life and still encounter financial issues in retirement. The one thing that retirees worry about? Outliving their savings. Some even consider re-entering the workforce just to survive. We’re here to show you how you can retire comfortably without outliving your savings so you can relax and enjoy the permanent time off that you deserve.
For a team of income planners in Tampa that you can trust, schedule a consultation with Maggi Tax & Wealth Advisors today!
What a Comfortable Retirement Looks Like In Tampa
Planning for retirement isn’t about saving as much money as you can. It takes coming up with a tailored strategy that works best for you and accounts for all aspects of living in retirement, so you don’t outlive your savings.
Here are our top tips and considerations from your reputable money managers in Tampa:
- When retiring in Tampa, plan for at least $5,000 a month on average.
- Healthcare and life insurance could total around $300,000 in retirement.
- Aim to save at least 25 times your annual expenses
- Expect a rise in property taxes and property insurance.
Key Strategies For Securing Your Retirement Income In Tampa
Serving Tampa for decades, we’ve seen what strategies work for local retirees and high-net-worth individuals. Consider the following approaches for a lower risk of outliving your retirement savings:
The 4% Rule
Starting off, withdraw no more than 4% of your total savings. You can increase this percentage to combat inflation as more years pass.
Maximize Social Security
Delaying Social Security withdrawals until the max age limit of 70 will result in bigger retirement paychecks.
Read more > Are Social Security Benefits Taxable? Our Guide To Taxes In Retirement
Diversification
Diversifying investments with a mix of stocks and bonds creates a stable portfolio and promotes optimal risk management.
Delay Retirement
Staying in the workforce for one or two years will reduce withdrawals and collect extra contributions.
Learn more > The Case For Diversification In 2026: Why Spreading Risk Matters More Than Ever
Limit Spending
Upon entering retirement, adjust your budget to avoid overspending on non-essential items.
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These strategies can be used simultaneously to maximize retirement income for a comfortable retirement in Tampa without the worry of outliving your savings.
| Every Tampa employee comes from a different background. Maggi Tax & Wealth Advisors creates tailored retirement savings strategies for the best results! |
Start Planning Today! Here’s How:
Did you know that there are things you can do right now to help avoid outliving your savings in retirement? Here’s what you can do before you meet with your trusted investment planner in Tampa
- Set aside 6 months of living expenses in cash to prevent investing mistakes.
- Withdraw from taxable accounts first to minimize tax liability.
- Get an estimate on long-term costs like healthcare and medical bills.
Let’s Review Your Projected Retirement Savings. Maggi Tax & Wealth Advisors Is the Team to Trust For Expert Income Planning In Tampa!
Get expert advice and receive a personalized retirement savings plan when you visit Maggi Tax & Wealth Advisors. Our experienced wealth planners in Tampa specialize in income planning services so you can live a comfortable retirement minus the stress of outliving your savings! Schedule a consultation online to get started or call (727) 799-1701.
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