Help Boost Your Income with These 3 Strategies Epstein and White

Do you feel like you have enough saved for retirement? Do you have anything saved for retirement? If your answer to either of these questions is no, then our advisors may have some strategies to help you turn your retirement income strategy around. Here are some things that our advisors recommend when it comes to boosting your retirement savings:

  1. Assess Your Financial Situation Honestly

This isn’t as easy as it sounds. When you were a kid and you were deciding how to spend the money you had, it was probably pretty easy to budget things out. But as we grow into adulthood, we earn more money, but our expenses get more complicated. It might be helpful to slow down and actually set aside time to look at how you are spending your money. Consider taking a night off to break down all of your expenses. This can help you to better understand your budget and help you trim any fat that you might not really need.

  1. Don’t Retire Right Away!

Delaying the time that you decide to retire may give you additional time to put money into your savings accounts. It may help you to build a bigger social security check,[1] and it will give you more time to make catch-up contributions to your accounts.[2] There are many potential monetary benefits to waiting to start your retirement. It’s understandable that you may want to jump right in and start your biggest vacation yet, but holding off may be the right move, depending on your financial situation.

  1. Consider Other Forms of Income

Maybe you just can’t wait to retire. That’s okay! If you’ve spent your whole life working toward your retirement, it can be pretty hard to hold off. But when you retire, it might be worth considering part-time income options or looking for ways to passively generate income. These things might allow you to supplement your savings and make your retirement less financially daunting.

If your retirement income strategy is still a mystery to you, consider reaching out to one of our professionals for a complimentary review of your finances today. We can take away some of the unknowns that come with retirement planning and give you a sense of what you need for your situation.

 

 

Epstein & White is a tradename. All services provided by Epstein & White investment professionals are provided in their individual capacities as investment adviser representatives of Mercer Global Advisors Inc. (“Mercer Advisors”), an SEC registered investment adviser principally located in Denver, Colorado, with various branch offices throughout the United States doing business under different tradenames, including Epstein & White. Information contained herein is for informational and illustrative purposes only and general in nature. It should not be considered investment advice or a recommendation to buy or sell any type of securities or insurance products and no investment decision should be made based solely on any information provided herein. Investing involves risk, including the possible loss of principal. Diversification and asset allocation does not ensure a profit or guarantee against loss. We provide this information with the understanding that we are not engaged in rendering legal, accounting, or tax services. We recommend that all investors seek out the services of competent professionals in any of the aforementioned areas.