After working for decades, you are finally ready to retire. While you are looking forward to having your days to yourself and having the time to tackle all of those projects you have put off for years, you are understandably a bit concerned about your finances. You’ve worked hard to create a nice nest egg for your golden years, but you want to be sure that you are getting the most out of your money and that it doesn’t fall into the wrong hands.
Fortunately, by implementing some money-related strategies, being aware of some common scams and signing up for an identity protection program, you and your retirement savings will flourish rather than flounder in the years to come.
Diversify Your Approach
Fidelity suggests using a diversified income strategy to grow your retirement savings. This includes fixed-income annuities, variable annuities and an investment portfolio to make your savings work for you. The fixed income and variable annuities help transform a portion of your savings and any income you receive from Social Security and pensions into a steady source of money. Meanwhile, the investments help grow the money into an account you can tap into for hobbies or emergencies. If you are not comfortable with any of these options, you can certainly stick with just one or two, but, in general, this three-pronged approach is an effective way to grow your retirement funds.