Retiring is an important milestone requiring careful planning to ensure financial sustainability throughout life. Four million Americans are expected to retire this year, prompting a need for wealth preservation strategies. Essential steps include establishing a budget to understand expenses, considering downsizing homes to reduce costs, maintaining a withdrawal rate of 3%-4% from retirement savings, keeping some investments allocated for growth, and strategically planning Social Security benefits. These practices aim for effective management of retirement funds, allowing retirees to enjoy their achievements without the fear of financial shortfall.
Retirement is a big achievement, but you have to make sure your nest egg lasts.
These seven steps can help you get more mileage out of your retirement funds.
Listing your total expenses and knowing what you can cut will help you optimize your spending.
It may also be a good idea to move to a house that doesn't have stairs.
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