Have you started saving for your retirement yet?
If you’re like millions of Americans reaching retirement age, the answer is no — so what can you do to make sure you can live comfortable once you’ve stopped working?
You can do what some seniors are doing, and investing in deferred annuities which will pay a steady monthly income once they retire. Or you could take a more active investment approach and allow your wealth to grow.
It might seem like an intimidating prospect, but successfully ensuring a steady stream of income throughout your retirement doesn’t have to be impossible. With these three tips, you can enjoy a healthy retirement income that allows you to maintain the standard of living you had during your pre-retirement years:
Invest in an annuity
Many seniors are turning to annuities — a sum of money paid to an insurer which will be repaid at a later time in the form of monthly payments — as a way to set up a structured, guaranteed retirement income. These annuities can be a great tool to help you control your spending and maintain a comfortable income during your retirement.
Diversify your investments
By investing in a diverse array of stocks and bonds, you can greatly increase your potential retirement funds. This is because your savings won’t be reliant on the success or failure of a single company. Spread your planned investments over two or three stocks that you think will succeed in the long run.
Consider selling your annuity or structured settlement
We just told you that investing in an annuity can be a great way to guarantee an income throughout your retirement. But what if you discover that you’d rather have all your money at once rather than spread out over time? If the idea of having your wealth in one place makes you more comfortable, it’s possible to sell annuity payments in exchange for a lump sum of cash. By selling your annuity, you can invest in faster-growing avenues that will grow your wealth faster.
Have any other questions about how selling a structured settlement and getting your settlement cash now can help you enjoy a financially secure retirement? Let us know by leaving a comment below.
