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Reasons Why Your Retirement Savings May Not Be Enough to Live On

Here are several key signs that your savings and investments will not be enough to fund the retirement you deserve
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Reasons Why Your Retirement Savings May Not Be Enough to Live On

Retirement is a time for peace and enjoyment. No one wants to live with the endless stress and burden of wondering how they will afford to live comfortably. You’ve worked hard to earn a living for so many years. How can you know that you’ll have enough money to live the retirement you deserve? 

Here are some key signs that your retirement savings will not be enough to live on – and what to do:

You have too much risk in your portfolio. If all of your money is invested in one place, you risk running out of money when you stop working and need it most. A balanced portfolio can help you stay financially secure, even in the face of economic turmoil. 

Instead of losing everything if the stock market takes a downturn, you should have multiple types of investments, some of which may perform well during tougher times. Don’t let your 401k be your only savings vehicle for retirement. Consider a Roth IRA, a Health Savings Account (HSA), real estate, life insurance, and certain types of annuities in order to create a balanced approach with your money that can provide multiple income streams, various tax advantages, and help protect against market fluctuations.

You haven’t mapped out your retirement income. If you’re focused on your short-term finances and neglecting a future income strategy, you are setting yourself to run out of money down the road. How can you create the income you’ll need to live on when you stop working if you have no idea where it will come from?

You need to identify what reliable income streams you will have in retirement and how much they will provide. This will help you determine what income gaps you may face and start taking steps today, to structure your finances to satisfy those future needs. 

You haven’t re-evaluated your investment strategy in years. Your priorities change as you go through life and so should your financial strategy. A decades-old investment strategy that worked in your 30s is usually not the best approach for your 50s. For instance, high-risk investments tend to become less appealing as you age due to a shorter timeline. 

As you approach retirement, focus on creating stable and reliable income streams that will last over time. You’ll also want to consider how taxes and inflation will impact your income sources once you are no longer working.

You don’t have a clear plan for your money. You may be spending the bulk of your money each month and trying to save whatever is left over. This often leaves little to save and invest for the future, making it difficult to get ahead and a sure sign that you will run out of money in the future. 

The key is to prioritize your future financial security. Saving the right amount for retirement requires you to know exactly where your money is going right now so you can make smart decisions about how to spend or save that money. Without a clear, actionable plan, designing a retirement that you love is much more challenging. For the best place to start, check out Retirement By Design to learn powerful strategies that can help you fund your future retirement with the money you’re wasting today. 

It’s never too late to start and addressing the warning signs above can help you get back on track to meeting your goals, no matter how close you are to retirement. In fact, with the right strategy and a firm commitment, you could be surprised that you may even be able to retire earlier than you expected.

If you hope to enjoy retirement and live without the fear of running out of money, the time to act is now! Get your complimentary Retirement Income for Life Blueprint to discover the decisions you can make today to ensure that your future retirement is everything you deserve to enjoy. 

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Investment advice offered through Copia Wealth Management Advisors, Inc.

Copia Wealth Management Advisors, Inc. is a registered investment advisor.

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