Whether you’re nearing retirement age or not, there are some strategies to help protect your nest egg. It takes time to build up enough funds to help carry you through your golden years and it’s important to make sure you have the funds available to live comfortably, according to Matthew Dixon in Greenville, SC. Here are three tips to help you protect your retirement funds.
Plan on Working Longer
It’s okay to work as long as you’re healthy, especially if you are in a field you actually enjoy. There are two benefits to working longer. First, you have an income you can depend on instead of relying on the markets. Secondly, working longer helps grow your nest egg even more. If you’re healthy enough, controlling your ability to work is a lot easier than trying to control stock markets.
Reduce Your Spending
Shore up personal balances by making the money you have right now go further. If you feel panicked about retirement funds as it gets closer, instead of liquidating assets, save more money if you can. Cut back on any subscriptions you don’t use a lot or reduce things like your cable bill if you can. Something as simple as not eating out as often can make a big difference in your present budget so storing up for retirement doesn’t feel like such a drain.
Think About Short-Term Loans
While taking on any debt should be approached with great caution, sometimes short-term debts make sense. If you take money out of the market, it can affect your financial health later on. Right now, interest rates are at record lows and a short-term bank loan might be a better option than drawing from your retirement funds, according to Matthew Dixon of Greenville, SC.
