By Matt Wiley | OCT 17, 2018
The average life expectancy in the U.S. increased dramatically to about 80 in 2017. If you retire at 65, a 30-year retirement is quite possible.
1. Earn 2.45% on your savings with a high-interest account.
If you have $250,000 in a high-interest account and save over 20 years, you’d earn $140,127 in interest.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
The CIT Bank Savings Builder Account offers 2.45% interest as long as you deposit at least $100/month or maintain a $25,000.
2. Work with a financial advisor.
These professionals can provide expertise on how best to allocate your assets, make smart investments and maximize your retirement account contributions. Financial advisors can also help you determine the best order to withdraw from your accounts, so you don't miss out on valuable compound interest or potential tax incentives.
3. Downsize your large home and consider a low-tax state.
Housing is one of the largest expenses for retirees, even if the mortgage is paid off. Many people buy large homes when raising children.
4. Avoid common financial mistakes.
A financial advisor can help you maximize social security benefits and advise on when to start accepting them in the most tax-efficient way. They're also highly skilled in helping people minimize capital gains taxes and avoiding paying penalties on retirement account distributions.
5. The Best Way to Make Your Retirement Savings Last.
Chances are, there are several highly qualified financial advisors in your town. However, it can be daunting to choose one.
This new tool makes it easy to find the right financial advisor for you. Now you can get matched with up to three local fiduciary advisors that have passed a rigorous screening process.
- Simply follow the link below.
- After you answer a few questions about your financial goals, you can compare up to three top advisors local to you and decide who to work with.
- Enjoy a better financial future!
Click here to find the right advisor for you
This content was provided by SmartAsset. Kiplinger is not affiliated with and does not endorse the company or products mentioned above.
-
Take Charge of Retirement Spending With This Simple StrategyTo make sure you're in control of retirement spending, rather than the other way around, allocate funds to just three purposes: income, protection and legacy.
-
Here's How To Get Organized And Work For YourselfWhether you’re looking for a side gig or planning to start your own business, it has never been easier to strike out on your own. Here is our guide to navigating working for yourself.
-
What Does Medicare Not Cover? Seven Things You Should KnowHealthy Living on a Budget Medicare Part A and Part B leave gaps in your healthcare coverage. But Medicare Advantage has problems, too.
-
13 Smart Estate Planning Movesretirement Follow this estate planning checklist for you (and your heirs) to hold on to more of your hard-earned money.
-
Should You Rent in Retirement?Making Your Money Last Renting isn't right for all retirees, but it does offer flexibility and it frees up cash.
-
How to Get Retirement Income You Can Count On – for LifeSponsored Content from Athene
-
Breaking down 6 common retirement planning mythsSponsored Content from Ameriprise Financial
-
6 RMD Changes We Could See This YearMaking Your Money Last Congress is considering two bills that would make major changes to required minimum distributions. Could your RMDs be affected?
-
A Kiplinger-ATHENE Poll: Retirees Are Worried About MoneyMaking Your Money Last Concerns about recession, inflation and health care costs weigh on retirees and near retirees.
-
The Retiree's Guide to Going Back to WorkMaking Your Money Last Inflation and a bear market have prompted some retirees to change course.
