{"id":22161,"date":"2016-03-15T14:00:28","date_gmt":"2016-03-15T19:00:28","guid":{"rendered":"http:\/\/www.discoverclarksville.com\/articles\/?p=22161"},"modified":"2016-03-15T02:57:44","modified_gmt":"2016-03-15T07:57:44","slug":"frazier-allen-12-ways-to-revive-your-retirement-savings","status":"publish","type":"post","link":"https:\/\/www.discoverclarksville.com\/articles\/2016\/03\/15\/frazier-allen-12-ways-to-revive-your-retirement-savings\/","title":{"rendered":"Frazier Allen: 12 Ways to Revive Your Retirement Savings"},"content":{"rendered":"

If you\u2019re concerned that you haven\u2019t put enough away to retire, you have plenty of company.<\/span> <\/em><\/strong><\/span><\/p>\n

\"F&MClarksville, TN<\/strong> – If you\u2019re concerned that you haven\u2019t put enough away to retire, you have plenty of company \u2013 about one in four Americans feel the same way.1<\/sup> And while there\u2019s no silver bullet solution, you may be able to catch up \u2013 if you\u2019re willing to be realistic and take the steps necessary to get on track.<\/p>\n

Let\u2019s address the biggest problem first. If \u2013 for whatever reason \u2013 you\u2019re just getting started on building that retirement nest egg, you\u2019ve lost some <\/em>of the advantage of time.<\/p>\n

\"Frazier<\/a>

Frazier Allen<\/p><\/div>\n

The key word, however, is some. Money put away in an investment account that grows 6% annually will double in 12 years,2<\/sup> which means that unless you\u2019re already on the cusp of retirement, there\u2019s still time to accumulate a significant sum.<\/p>\n

Bear in mind, too, that today\u2019s retirements can last a long time and that your money will be withdrawn gradually. The balance will likely be able to keep growing while you\u2019re retired.<\/p>\n

All that said, there\u2019s no getting around the reality that catching up probably requires changing your current lifestyle (so you can save more) and your anticipated retirement lifestyle (so you will spend less). While boosting savings is the most important factor, there are many changes you can make to increase your odds of attaining a comfortable retirement.<\/p>\n

Here are some effective ones:<\/h3>\n
\n
    \n
  1. Look at expenses<\/strong>
    \nDepending on the projected shortfall, this might mean trimming expenses or really slashing them.<\/li>\n
  2. Eliminate credit card debt<\/strong>
    \nSlash high-interest debt as rapidly as possible, and construct a new household budget that makes retirement savings your top priority.<\/li>\n
  3. Save as much as possible<\/strong>
    \nThink in terms of putting away at least 15% of your income. Don\u2019t be upset if you can\u2019t hit that immediately \u2013 the important thing is to set a specific savings goal and get there as quickly as you can. And don\u2019t forget to maximize your contributions to any employee-sponsored accounts that offer a match. Once you\u2019re 50, you can bump up again using catch-up contributions.<\/li>\n
  4. Retire Later<\/strong>
    \nYou may not like this option, but the more time your investments have to grow, the bigger the ultimate payoff can be. Even a couple more years in the workforce can make a big difference.<\/li>\n
  5. Revisit your asset allocation<\/strong>
    \nWhile you don\u2019t want to take undue risk, you may have to allocate more of your investments to equities if you\u2019re behind. Historically, they have provided better long-term returns than bonds. Your advisor can help you find a mix that fits your specific situation.<\/li>\n
  6. Maximize Social Security benefits<\/strong>
    \nWhile waiting as long as possible to begin taking benefits makes sense for many people, Social Security is complicated. There are many different claiming strategies and, as with many things, no one-size-fits-all approach. Your advisor can help you with this also.<\/li>\n
  7. Retire part-time<\/strong>
    \nMany retirees find that they miss the workplace camaraderie and feeling of purpose that goes with a job, not to mention the income. If you \u2013 or your spouse or partner \u2013 can work part time, you\u2019ll boost your retirement cash flow and give yourself more time for savings to grow.<\/li>\n
  8. Retire simpler<\/strong>
    \nWe\u2019ve all had the experience of our desires being bigger than our wallets, and if you\u2019re behind on funding your retirement, it may be time to accept that things aren\u2019t going to work out quite like you had hoped. That doesn\u2019t have to be a disaster; many retirees find that living more simply is just fine. You want to strike a balance here \u2013 don\u2019t give up on your dreams, but don\u2019t be too aggressive with your investments because you\u2019re pursuing a lifestyle that\u2019s unattainable.<\/li>\n
  9. Rethink your home equity<\/strong>
    \nFor many Americans, their home represents the single biggest asset and single largest expense. That makes it a critical part of retirement planning, on both sides of the ledger. Although getting rid of your mortgage may seem like a good idea, you may want to think twice before tying up a major portion of your net worth in a relatively illiquid asset. Instead consider deploying that equity (via a home equity line of credit, for example) to establish an emergency fund or to meet other essential expenses.<\/li>\n
  10. Downsize for simplicity<\/strong>
    \nIf you truly have more home than you need, investigate the feasibility of downsizing and investing whatever you clear in an income-oriented account. Be careful to account for all the costs associated with two real estate transactions, moving, etc., and don\u2019t forget to account for all the costs of owning even a smaller home.<\/li>\n
  11. Maximize tax breaks<\/strong>
    \nOnce you\u2019re past 50, the amount you can contribute tax-free to retirement accounts goes up. Investigate all your options and take advantage of those that fit your specific situation. For example, if you have a workplace retirement plan with an employer matching program, be sure you\u2019re making the maximum allowable contribution. Also think about prior jobs \u2013 did you leave anything behind in a retirement plan?<\/li>\n
  12. Get help<\/strong>
    \nLast, but certainly not least, lay out everything with your advisor. Determining how much you need for the retirement you envision, what you need to get there, how to invest your money, how to account for inflation, what your healthcare costs are likely to be \u2013 these are all matters your advisor understands and deals with every day. Get the numbers and ask your advisor to run the appropriate what-if scenarios. You may find your situation is brighter than you think and that knowing your options allows any lingering concerns to fade. Your odds of achieving a comfortable retirement increase significantly if you get professional advice \u2013 and follow it. <\/i><\/li>\n<\/ol>\n<\/div>\n

     <\/p>\n

    1<\/sup> Employee Benefit Research Institute, \u201cThe 2014 Retirement Confidence Survey\u201d<\/em><\/p>\n

    2<\/sup> This is a hypothetical example for illustrative purposes only. It is not intended to reflect the actual performance of any security and does not include transaction costs which would reduce an investor\u2019s return. Investments involve risk including the possible loss of principal.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

    If you\u2019re concerned that you haven\u2019t put enough away to retire, you have plenty of company. Clarksville, TN – If you\u2019re concerned that you haven\u2019t put enough away to retire, you have plenty of company \u2013 about one in four Americans feel the same way.1 And while there\u2019s no silver bullet solution, you may be […]<\/p>\n","protected":false},"author":23,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[3],"tags":[825,11584,3065,235,25904],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p4xGYI-5Lr","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/posts\/22161"}],"collection":[{"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/comments?post=22161"}],"version-history":[{"count":1,"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/posts\/22161\/revisions"}],"predecessor-version":[{"id":22162,"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/posts\/22161\/revisions\/22162"}],"wp:attachment":[{"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/media?parent=22161"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/categories?post=22161"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/tags?post=22161"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}