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Future-Safe Finances: How To Protect and Grow Your Income in Retirement


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Published in Business and Finance on by Investopedia   Print publication without navigation

Future-proof your retirement plan by making these moves with your savings, spending, and retirement accounts. Small changes now can add up to more security later.

The article from Investopedia titled "How to Protect and Grow Retirement Income" outlines several strategies for safeguarding and enhancing one's financial resources during retirement. It emphasizes the importance of creating a diversified investment portfolio that includes a mix of stocks, bonds, and other assets to mitigate risk while still allowing for growth. The article suggests considering annuities for a steady income stream, and highlights the benefits of delaying Social Security benefits to increase monthly payouts. Additionally, it recommends maintaining an emergency fund, regularly reviewing and adjusting one's financial plan, and being mindful of fees and taxes that can erode retirement savings. The piece also touches on the importance of healthcare planning, including long-term care insurance, and the potential of part-time work or consulting to supplement income in retirement.

Read the Full Investopedia Article at:
[ https://www.investopedia.com/how-to-protect-and-grow-retirement-income-11745351 ]

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