There are countless numbers of seniors who struggle financially with their retirement income; even if they’ve prepared beforehand. That doesn’t mean you have to be one of them. Here are some proven ways to boost your retirement income, and help ensure you can spend your Golden Years without financial worry:
1. Spread It Around
Although diversification won’t prevent your investments from seeing downturns, it can help you earn higher returns with similar amounts of risk if you have a long-term plan.
Even if you’ve already adhered to slight diversification, you might not be taking advantage of it fully. Diversification can entail much more than “not putting all of your eggs into one basket” – investing in international stocks, for instance, is an under-utilized way to further spread out your investments.
Domestically, you could also further diversify your stock investments by style and class – such as growth stocks. Smart diversification now is a surefire path towards increased retirement income later.
2. Consider part-time retirement
Although the government defines retirement age as 70.5, it doesn’t mean you have to pull a full stop on your career then. A part-time career can increase your retirement income, while also slowing down the withdrawals from your retirement investments.
A part-time career doesn’t just provide monetary benefits either. It can also provide a sense of fulfillment and purpose after you’ve ended your full-time job. Finances aside, it can be tough for some to abruptly go from full-time work to none at all.
3. Hold off on social security
Social security can provide a nice boost to the retirement income you get from your investment portfolio. What you might not realize is that you can increase this bump in income by waiting a little longer to take it.
Although you can start claiming these benefits at age 62, you’re not required to until you hit age 70. For each year that you do delay these benefits, you’ll see an increase in your monthly benefits.
You can see the exact numbers on how delays will affect your benefits at the Social Security Administration website. Consider examining your financial roadmap to see how delaying social security will affect your retirement income.
Want to learn more about boosting your retirement income?
At LexION Capital, we help our clients achieve their retirement goals through bespoke investment portfolios and fiduciary investment advice. If you’d like to learn more about how we can help you live a financially worry-free retirement, let’s start a conversation today.