Having enough money during retirement is a big concern for many investors. Since a large amount of workers in their 50s and 60s are behind on savings, inadequate preparation can be a common source of stress. Fortunately, running out of retirement funds is avoidable with this strategy.
The National Bureau of Economic Research has determined that working a few extra years makes a more positive impact on retirement income than increasing contributions in the last decade of one’s career does. Not only does the extra time allow investors to keep funding their retirement, it also postpones withdrawals, therefore giving the money more time to grow. Working longer can also boost Social Security benefits, which furthermore leads to a higher income stream after work.
As you prepare for or enjoy the perks of retirement, ask your Enso | Sonoma financial advisor for helpful advice.