The 5 Things to Add to Your Longevity Action Plan
- Consider other guaranteed sources of income, such as the Personal Pension, to supplement your Social Security and a traditional pension
- Saving as much as you can during your working years is important
With average life expectancies for pre-retirees stretching into the late 80s, retirement is an opportunity to live life to its fullest. The best way to make use of this opportunity is to stay healthy and make sure you’re not worried about your financial situation.
With that in mind, here are a few things you can put at the top of your health and saving to-dos:
Stay healthy now
Quality of life is everything in retirement, and you want to feel good while pursuing hobbies in retirement. Take steps now to make sure you avoid health problems later.
Save as much as you can in your workplace retirement plan
While you shouldn’t solely rely on your 401(k) for your retirement savings, a 401(k) is a useful tool because your assets can grow over time from compounding interest. Plus, if your employer matches, then you can save for retirement without cutting lots out from your current spending. Take advantage of the tax deferred status of your 401(k) plan and make sure you have the discretionary spending money you need in retirement.
Maximize Social Security
Social Security is a reliable income stream in retirement, but if you wait to claim Social Security until you’re 70, you can increase your income significantly.
Consider other sources of income
Turn your hobby into a small business, or work part-time doing something you love. It’ll keep you active and secure you financially.
Create your own stream of guaranteed income
Income annuities or enrolling in the Personal Pension are great ways of turning your retirement savings into guaranteed income in retirement and protect you from outliving your savings. We provide lots of information on both these products, and how you can use them to make sure your basic spending needs in retirement are covered for life. Blueprint Income chooses to act as a fiduciary and we’re always here to talk to you as well!