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.
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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.
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