Making Money Last In Retirement

“Making Your Money Last in Retirement: Smart Strategies for a Secure Future”

At Cornerstone Portfolios, we understand that one of the most important aspects of retirement planning is ensuring that your money lasts. The goal isn’t just to accumulate wealth, but to use it wisely so that it can support you comfortably throughout your retirement years. The key is creating a strategy that balances your income needs with your long-term financial goals. 

1. Understand Your Retirement Income Needs

The first step in making your money last in retirement is knowing exactly how much income you’ll need. This can include day-to-day living expenses, healthcare costs, travel, and other lifestyle choices. At Cornerstone Portfolios, we work closely with our clients to help them estimate their future needs and create a sustainable income plan.

2. Diversify Your Investment Portfolio

A well-diversified portfolio is essential for managing risk and maximizing returns in retirement. Relying on one or two investments could leave you vulnerable if those assets underperform. We help our clients build diversified portfolios that balance risk and growth, including a mix of stocks, bonds, and other investment options to generate reliable income and protect against market volatility.

3. Consider Guaranteed Income Streams

Creating guaranteed income streams, such as annuities, can provide peace of mind knowing that a portion of your retirement income is predictable and stable. This can be especially beneficial if you are worried about outliving your savings. We offer tailored advice on whether annuities or other income-generating options fit into your retirement strategy.

4. Plan for Healthcare Costs

Healthcare expenses tend to rise as we age, and planning for these costs is critical in making your money last. From long-term care insurance to Medicare, we help our clients navigate their healthcare options and incorporate these costs into their overall retirement plan.

5. Keep Track of Withdrawals

One of the most critical factors in making your money last is the rate at which you withdraw funds from your retirement accounts. Withdrawing too quickly can deplete your savings prematurely. We guide you on creating a withdrawal strategy that preserves your wealth and minimizes tax consequences.

At Cornerstone Portfolios, we’re dedicated to helping you create a retirement plan that ensures your money lasts as long as you do. Whether you're planning ahead or already in retirement, we’re here to provide expert advice tailored to your unique needs.

Let’s talk about how we can help make your retirement as financially secure and fulfilling as possible. Reach out to Cornerstone Portfolios today to start building a strategy that will support your future.