100 Ways To Make Your Money Last Until You’re 100

100 Ways To Make Your Money Last Until You’re 100

By Jaime Catmull November 10, 2020

Will your money last you through 3 decades of retirement?

The average American is expected to live to 79, which means that many people are living even longer. And when it comes to planning for retirement, it’s always better to be safe than sorry — which means it’s best to start making small (and large) changes now to make sure your money can last three decades or more in retirement, especially given that the future of Social Security is unclear and some believe that Social Security running out is a real possibility in our lifetimes.  Want advice on how to make your money work for you, save more, spend less and get financially ready for retirement? Here are 100 tips for how to make your money last.

Know How Much You Need To Save

This first step to ensure you won’t be running out of money in retirement is to have a realistic sense of how much you’ll actually need. You can use online calculators to help you get a sense of how much you might need once you retire and aren’t making a salary through work.

Meet With a Financial Advisor To Come Up With a Long-Term Plan

With the current average life expectancy, if you retire at age 65, you can expect to live for close to another two decades. If you want to be ready for those two decades, it’s in your best interest to work with a financial advisor now to plan for that future.

Research Your Savings Options

All savings accounts are not created equal. Like anything in life, you need to research savings accounts to make sure you’re using the best one for your needs. By using one that offers a high annual percentage yield, you can make the most of your money.

Find a Financial Accountability Partner

To continue reading, please go to the original article here:

https://www.gobankingrates.com/saving-money/savings-advice/100-ways-to-make-money-last-until-100/