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What is the major fear preventing retirees from enjoying retirement? Depleting their savings.<\/p>\n
The average American between the ages of 65 and 74 had about $609,000 in retirement savings, according to the most recent survey by the Federal Reserve. Moreover, a solid 79% of retirees between the ages of 65 and 80 say they have enough money to live comfortably in retirement, according to a Gallup poll.<\/p>\n<\/p>\n
In spite of that, many retirees struggle to actually spend the money they\u2019ve accumulated due to their fear of running out of funds.<\/p>\n
\u201cLifetime habits of discipline and prudence aren\u2019t easily dismissed just because you reach what you\u2019re told is a different \u2018stage\u2019 of life,\u201d Dr. Brian Portnoy, founder of Shaping Wealth, told Forbes. \u201cHabits are part of our identity, and each of us defends our identity fiercely.\u201d<\/p>\n
For many retirees who spent years in the workforce, it was easy enough to get into the habit of contributing to a retirement savings plan and leaving it alone over the years.<\/p>\n
One way to feel more at ease with using your retirement funds is to sit down with a financial advisor and devise a strategy and a budget that will fit the life you imagine living in your golden years.<\/p>\n
With Advisor.com<\/a>, you can find the best advisor for your needs \u2014 both in terms of what they can offer your finances, and what they\u2019ll charge to work for you.<\/p>\n Advisor.com is a free service<\/a> that helps you find a financial advisor who can co-create a plan to reach your financial goals. By matching you with a curated list of the best options for you from their database of thousands, you get a pre-screened financial advisor you can trust.<\/p>\n You can then set up a free, no obligation consultation<\/a> to see if they\u2019re the right fit for you.<\/p>\n Since mid-2021, annual inflation has soared. And while inflation levels have come back down, it\u2019s easy to see why a lot of people worry about having to raid their savings accounts just to make ends meet.<\/p>\n If you’re worried about running out of money in retirement, your solution may be to simply spend as little as possible. It’s a solution that works, in theory, but it may lead to a less fulfilling lifestyle.<\/p>\n Story Continues <\/p>\n However, if you have short and medium-term needs to consider in addition to your long-term retirement plans, there are ways you can save, grow and spend your money on 5-year time horizons, for example, without worrying about getting dinged by withdrawing early from a 401(k).<\/p>\n One way you could do this is with the Wealthfront Cash Account<\/a>, which can help you build an investment base through a combination of high-interest rates and ease of access.<\/p>\n A Wealthfront Cash Account can provide a base variable APY of 3.50%, but new clients can get a 0.65% boost over their first three months for a total APY of 4.15%<\/a> provided by program banks on your uninvested cash. That\u2019s over nine times the national deposit savings rate, according to the FDIC\u2019s October report.<\/p>\n With no minimum balances or account fees, as well as 24\/7 withdrawals and free domestic wire transfers, you can ensure your funds remain accessible at all times. Plus, Wealthfront Cash Account balances of up to $8 million are insured<\/a> by the FDIC through program banks.<\/p>\n Trending: Robert Kiyosaki says this 1 asset will surge 400% in a year<\/a> \u2014 and he begs investors not to miss its \u2018explosion\u2019<\/strong><\/p>\n Commodities, like precious metals, have long been an asset of familiarity and, in times of higher-than-normal inflation, can serve as a hedge. You can park your money in precious metals with a gold IRA.<\/p>\n Opting for a gold IRA gives you the opportunity to invest directly in physical precious metals<\/a> rather than stocks and bonds.<\/p>\n Priority Gold<\/a> is an industry leader in precious metals, offering physical delivery of gold and silver. Plus, they have an A+ rating from the Better Business Bureau and a 5-star rating from Trust Link.<\/p>\n If you\u2019d like to convert an existing IRA into a gold IRA, Priority Gold offers 100% free rollover, as well as free shipping, and free storage for up to five years. Qualifying purchases will also receive up to $10,000 in free silver<\/a>.<\/p>\n To learn more about how Priority Gold can help you reduce inflation\u2019s impact on your nest egg, download their free 2025 gold investor bundle<\/a>.<\/p>\n It\u2019s important to remind yourself that spending is part of your goal for a comfortable retirement\u2014it aligns with why you saved in the first place. If spending more enhances your quality of life, like dining out more often, it\u2019s worth it.<\/p>\n And if the sheer pleasure of enjoying your hard-earned money isn\u2019t enough to give you peace of mind about spending, you can set yourself up to invest and save while you\u2019re spending, with Acorns<\/a>.<\/p>\n Retirement expenses and essential purchases are inevitable, but with Acorns, when you spend that money, the app (downloadable via your mobile device) automatically rounds up the total cost to the nearest dollar and invests the remainder in a diversified portfolio. This way, even the most essential spending translates to money saved for the future.<\/p>\n