How to enjoy a more worry-free retirement. My wife and I are retired, have a comfortable income and a substantial nest egg. What can we do to better enjoy the retirement we've worked and saved for?--A.N. The calculator estimates how long your nest egg is likely to last at different withdrawal rates. Another move that might allay some of your anxiety is to turn a portion of your savings into guaranteed income. You and your wife are already getting guaranteed income from Social Security, so you don't want to overdo it and end up with more guaranteed income than you need. But research shows that retirees who receive annuity-like income in retirement tend to be happier than those who don't. The second option is a longevity annuity, which starts making payments at some point in the future. So, for example, if that same 65-year-old couple were to invest $50,000 today in a "joint and survivor" longevity annuity that begins making payments in 15 years, they would collect about $700 a month for life once they hit age 80. But you seem to have done enough saving, investing and planning to put yourself in the position of having a financially secure retirement.
Welcome to Wise Bread’s Best Money Tips Roundup! Today we found articles on surprising things you can turn into cash, things that car salesmen don’t want you to know, and how to prepare for the most important decade of your financial life.
Top 5 Articles
10 Surprising Things You Can Turn Into Cash — You can sell walnuts, pecans, and other nuts from your trees. There are feed and seed stores that will buy them by the pound. [My Dollar Plan]
25 Things Car Salesmen Don’t Want You To Know — These tips and secrets will help you save hundreds of dollars, several hours of time, or some of the hassle. [SheBudgets]
The 10 Most Important Years of Your Financial Life (& How to Prepare For Them) — Take steps to protect your investments during the five years before you retire and the five years after you retire. [Kiplinger]