Five Tips For Financial Stability In Retirement Year

Friday, March 1, 2019

| Five Tips For Financial Stability In Retirement Years (NAPSA)—Most people have a vision oftheir goldenyears that includes a comfortable retirement in which they can spendtheir time doing the things they enjoy. That dream doesn't require a substantial amountof wealth,butit is a lot more attainable if you have some financialstability. Unfortunately, just 17 percent of older Americans are “financially healthy”andfourin five low- and mod- erate-income Americans over the age of 50 are struggling with at least some aspect oftheir financiallives, according to a 2019 study funded by AARP Foundation. Here are five tips for increasing financial stability during your retire- mentyears: 1. Stay outofdebt. Debt can be destabilizing becauseit robs seniors of some of their free cash flow and reduces the amount of money they can spend each A few simple steps can help you have moreofthe greenstuff in your golden years. mostseniorswill benefit from the higher payouts theywill receive by deferring to age 70,if possible. 5.Increase cash flow. One way to raise the amount of cash available for funding your retirementis to work part-time, an option that is more available to seniors than ever before. Another possibility is to unlock cash month. Credit card spending is especially tied up in assets that you might not dangerousfor retirees, so considera pay- even realize can besold. For example, a life insurancepolicyis considered your as-you-gohabit for new purchases. 2.Be a smart investor. Whether personal property and—as such—you you havea smallretirement savings or a large investmentportfolio, a diversified lor st investmentstrategy can deliver additionalincomefor spending andhelp you stay ahead ofinflation. Choose a mix ofstocks, bondsandcashthathelps you sleep soundlyat night, accordingto ‘The Vanguard Group. 3. Consider downsizing. Many retirees are hesitant to move out of the home wheretheyraised their children, which is understandable for both emotional and practical reasons. Butit might improve yourfinancial stability to sell your current homeandbuya less expensive oneforretirement, pocketing the difference andinvesting it wisely. 4, Delay SocialSecurity. Forretirees whohave not yet signed up tocollect their Social Security benefits, it may be advisable to delay thatstart date as long have the right to sell that policy any- time you like. When a consumersells a policy in “life settlement” transac- tion, the policy ownergets a cash payment and the purchaser of the policy assumesall future premium payments, then receives the death benefit when the originalpolicyholder passes away. Candidatesforlife settlements are typ- ically aged 70years orolder, with a life insurancepolicythat has a death benefit of at least $100,000. A comfortable retirement is possible without an enormousnest egg, but it is very difficult withoutat least some degree offinancialstability. By staying out of debt, practicing smart personal finance and maximizing cash flow, the vision you had of your golden years as possible. This may sound counter- could be within reach. Tolearn more about howto generate cash from life settlement, visit www. cialstability, but research has found that 580-6188. intuitive if you are searching forfinan- LISA.org orcall the LISA office at (202)

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