{"id":34522,"date":"2020-08-06T04:21:04","date_gmt":"2020-08-06T11:21:04","guid":{"rendered":"https:\/\/goldco.com\/?p=34522"},"modified":"2020-08-06T04:21:04","modified_gmt":"2020-08-06T11:21:04","slug":"5-ways-to-avoid-financial-difficulty-in-retirement","status":"publish","type":"post","link":"https:\/\/goldco.com\/5-ways-to-avoid-financial-difficulty-in-retirement\/","title":{"rendered":"5 Ways to Avoid Financial Difficulty in Retirement"},"content":{"rendered":"

One of the things investors fear the most is running out of money in retirement. Perhaps that fear is driven by the experiences of one\u2019s own parents, or perhaps by stories of friends and family who have experienced financial difficulties. Regardless of the reason, it\u2019s a fear that inspires many investors to save as much money as they can for retirement.<\/p>\n

But saving money is sometimes easier said than done. Without both proper planning and execution, the desire to save and invest won\u2019t come to fruition. Proper planning and dedication to a goal is crucial if you\u2019re going to save enough money for retirement. If you keep putting off your saving and investment, thinking you can catch up later in life, you may find yourself disappointed.<\/p>\n

While saving and investment isn\u2019t necessarily easy, it doesn\u2019t have to be incredibly difficult either. Here are five ways that you can avoid financial difficulty in retirement.<\/p>\n

1. Proper Diversification<\/h2>\n

One of the keys to any successful investment portfolio is proper diversification. You may have heard stories of people who hit it big by investing in Microsoft or Apple before they were household names. But how many of those investors stuck with those stocks for the long haul and continued making gains for 30 years or more?<\/p>\n

For every investor who has tried to replicate those gains by investing in one or two \u201ccan\u2019t miss\u201d stocks, there are probably hundreds who have tried the same strategy and failed. That\u2019s why you\u2019ll read so much about portfolio diversification \u2013 don\u2019t put all your eggs in one basket.<\/p>\n

That extends not just to one particular stock or bond, but to entire classes of stocks or bonds as well. You may think tech stocks are the way to go, or that investing in financials is a sure bet because of Federal Reserve bailouts and backstops. But maximizing your exposure to a single asset class is also inherently risky.<\/p>\n

That\u2019s why true portfolio diversification means not just investing in stocks, bonds, and mutual funds, but also other classes of assets, such as real estate, commodities, or precious metals. If you have existing retirement assets in a 401(k), for instance, you could roll them over into a gold IRA<\/a>, allowing you to diversify your portfolio and benefit from the protection and long-term growth that gold offers. Don\u2019t be afraid to branch out and invest in alternative assets that can reduce your risk profile and diversify your portfolio.<\/p>\n

2. Plan Ahead<\/h2>\n

Like many other things in like, winging it isn\u2019t exactly the best method to build up your retirement funds. If you were to drive from New York to Los Angeles, would you just get on the road and start heading west, figuring you\u2019d make it eventually, or would you pull out a map and figure out the most direct route, the one with the most scenic stops, or the one with the most gas stations?<\/p>\n

Saving for retirement is much the same. You\u2019ll need to figure out your final destination, i.e. the amount of money you\u2019ll want to have saved up when you retire; figure out the route to get there, i.e. how much you\u2019ll need to save each year at certain growth rates; and put together a plan to achieve that.<\/p>\n

3. Budget<\/h2>\n

One way to bring your plans to fruition is to create a budget. Without knowing how much money you\u2019re taking in, how much you\u2019re spending, and how much you\u2019re saving and investing, it will be nearly impossible to know where you are on the road to achieving your financial goals.<\/p>\n

Going back to the road trip analogy, imagine doing the NY-LA trip in a car with no speedometer, no odometer, no fuel gauge, and no clock. You would be flying blind, with no idea how far you\u2019d gone, what kind of progress you\u2019d made, and no clue how much longer you had to or could drive. But millions of American households live like that, completely oblivious about their spending habits. That\u2019s not conducive to building up a large nest egg for retirement.<\/p>\n

4. Lifestyle Adjustment<\/h2>\n

Another way to help ensure that you keep yourself out of financial difficulty is adjusting your lifestyle to your savings or retirement income. If you have large amounts of savings or a high income in retirement so that you don\u2019t have to cut back on your standard of living, that\u2019s great. But many Americans can\u2019t afford to do that.<\/p>\n

Many more dream big, but realize once they reach retirement that insufficient savings, health concerns, or family issues end up derailing their plans. Many also realize that the lifestyle they were living before retirement was largely driven by their work. Now that they\u2019re retired, they realize that they don\u2019t have to live in a high-cost, high-tax metropolitan area. They don\u2019t have to spend as much on cars because they\u2019re not commuting every day. And they have the freedom and flexibility to adjust their way of life to their new circumstances. That can have a major positive impact on their finances in retirement.<\/p>\n

5. More Income Streams<\/h2>\n

Finally, while no retiree wants to get back into the rat race, some find it necessary to develop new income streams, while others do miss the work they used to do. That\u2019s why more and more retirees are going back to part-time work. Whether it\u2019s working as a greeter at Walmart, doing some consulting work, or starting an online business, developing new income streams can do wonders to securing your financial independence in retirement.<\/p>\n

With pensions largely a thing of the past, Social Security facing its own issues<\/a>, and stock markets on the verge of a major correction, retirees will need everything they can to maximize their income and ensure their financial well-being in retirement. Creative thinking to develop additional income streams can be just the ticket.<\/p>\n

Don\u2019t Run Out of Money<\/h2>\n

Running out of money in retirement may be everyone\u2019s fear, but it\u2019s not something that happens all at once. It\u2019s the result of a series of choices over a long period of time. Making the right choices, creating a plan and sticking to it, and dedicating yourself to diligent saving and investment can help ensure that you\u2019ll be able to enjoy a long and comfortable retirement.<\/p>\n","protected":false},"excerpt":{"rendered":"

One of the things investors fear the most is running out of money in retirement. Perhaps that fear is driven by the experiences of one\u2019s own parents, or perhaps by stories of friends and family who have experienced financial difficulties. Regardless of the reason, it\u2019s a fear that inspires many investors to save as much […]<\/p>\n","protected":false},"author":3,"featured_media":34523,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[213],"tags":[676,229,856,857,858],"class_list":["post-34522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement","tag-budget","tag-diversification","tag-investment-plan","tag-older-workers","tag-part-time-work"],"acf":[],"yoast_head":"\n5 Ways to Avoid Financial Difficulty in Retirement – Goldco<\/title>\n<meta name=\"description\" content=\"Are you afraid of running out of money in retirement? 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