3 Things To Do To Avoid Relying on Social Security in Retirement

[Pelican Press 0]

This is the hidden content, please

• Sign In
• or
• Sign Up

3 Things To Do To Avoid Relying on Social Security in Retirement

Rob Latour / Shutterstock / Rob Latour / Shutterstock

Retirement: the beautiful time of life when you no longer have to work for your

This is the hidden content, please

• Sign In
• or
• Sign Up

. Instead, your money works for you. And if you’re already well on your way to retirement, congratulations.

Read More:

This is the hidden content, please

• Sign In
• or
• Sign Up

Find Out: 4 Unusual Ways To Make Extra Money That Actually Work

Today, more Americans are retiring than ever before. According to the Alliance for Lifetime Income (ALI), 2024 marked the start of the “Peak 65 Zone:” the largest surge of retirement-age Americans turning 65 in U.S. history. Over 4.1 million Americans will turn 65 each year through 2027 — that’s more than 11,200 every day.

However, if you’re planning to retire soon, you don’t want to make any financial mistakes. Here are

This is the hidden content, please

• Sign In
• or
• Sign Up

, according to motivational speaker and financial expert Tony Robbins.

Robbins explains that Social Security was never designed to fully replace

This is the hidden content, please

• Sign In
• or
• Sign Up

In today’s world, this is certainly the case as the increased average life expectancy continues to lead to longer retirements.

If your employer offers a 401(k) match, you must elect for it. For example, if you’re offered a 5% dollar-for-dollar match on your 401(k) contributions and you contribute 5% of your earnings, you’ll be making a 10% annual contribution. An employer match is essentially free money, so don’t leave it on the table.

Additionally, investing in an individual retirement account (IRA), perhaps in addition to your employer-sponsored 401(k) plan, can provide additional retirement savings.

Discover Next:

This is the hidden content, please

• Sign In
• or
• Sign Up

One of the best things about turning 65? You become eligible to enroll in Medicare. However, Medicare doesn’t cover all healthcare expenses. This included expensive long-term care, which you’ll need to find separate insurance for if you want to avoid high monthly costs later in life.

Additionally, Medicare involves monthly premiums, deductibles, and prescription drug costs. In other words, expect to have additional medical expenses in retirement even though you enroll in Medicare.

Robbins says that with the right mindset, you can become a “master of money.” From his point of view, he believes that 80% of wealth is psychological while the other 20% is the mechanics of managing it.

“Money has no power by itself, only the power you give it,” his website states. “That’s why mindset — your ability to focus and the state you put yourself in — is the ultimate power.”

Story Continues

This is the hidden content, please

• Sign In
• or
• Sign Up

#Avoid #Relying #Social #Security #Retirement

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up