The Top 4 Ways to Increase Your Chances of an AWESOME Retirement

Are you unsure whether or not you are on track for a successful retirement? There are many things you can do to improve your chances of having the happy retirement you want, but we did some of the heavy lifting for you to give you our top picks. Here are four ways to improve your chances of having a good retirement. 

1. Increase your long term rate of return in your investment portfolio:

Targeting a higher rate of return can help you maximize your income in retirement. By investing more heavily in stocks, you may be able to earn a higher return than if you had invested in less volatile investments. However, it’s important to remember that you should prepare to see down years in your portfolio and not react. Reacting can have long term negative effects on your retirement. 

2. Save More:

If you cannot stomach short term market movements, saving more money now can help you compensate for the lower expected return your portfolio will have. Your adviser can help you determine how much you need to save and invest based on the rate of return you are targeting and your risk tolerance in your portfolio. Two people might be targeting the same amount of money needed to retire, but might have to save different amounts just based on their projected portfolio returns. 

3. Work Longer:

Working longer can be a great way to increase your retirement savings. By delaying your retirement, you can put more money into your retirement accounts and increase the amount of money you will have when you retire. It also gives you more time to save, which can help you build a larger nest egg. 

And the last one is (and it’s a BIG one!!!!)…

4. Make the Most of Your Assets in Retirement:

When you retire, you will have to make the most of the assets you have. This means making sure you are taking full advantage of any tax breaks, or other benefits that are available to you. It's very important to file for Social Security at the right time if you want to get the most out of it. You should also make certain that you are considering things like your spouse’s income if you were gone when taking pension benefits. Lastly, it means making sure you are investing your money wisely and knowing what the most likely outcomes are for you to maintain your standard of living in retirement. It really all comes down to this - the best way to make the most of your assets in retirement is to create a process and stick to it! 

By following these four tips, you can improve your chances of having a successful retirement. It’s important to start planning now so that you can be prepared when you retire. With the right plan in place, you can enjoy a comfortable retirement.