9 Ways to Make Your Retirement Savings Last Forever

9 Ways to Make Your Retirement Savings Last Forever

Nearly every retiree is concerned about potentially running out of money no matter how much they have. The economy, the value of the dollar, whether or not Social Security benefits will still be there and many other factors can cause concern. Thankfully, there are some easy ways to put your mind at ease and make your savings last much longer and perhaps allow you to not touch your nest egg at all if so desired. These things can also benefit you in many other areas such as fulfillment, mental capacity, physical condition and overall happiness. People who have already retired attribute their success to number one on this list. This is some advice to take seriously to maximize your retirement savings in addition to other areas of your life.

[RobertDamanii]

Very informative video you have, I have been able to understand the messages you pass but there are some other challenges that may come about when taking some other risks

[kortyEdna]

Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.

[Amelia-Elizabeth]

Nobody can become financially successful over night. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals.

[Stripeyperch]

Who on earth wants to wait until 70 to retire, 50 for me thank you i will take my chances. Healthy living is a great idea chris 👍

[faithrussel]

Thanks for increasing my knowledge in personal finance, I recently subscribed to your channel. I want to give a big shout-out to all those working tirelessly to earn a living and build wealth during this recession. My husband and I are both retired and debt-free, and we're living smart and frugal with our money. Despite the recession, we're still earning passive income thanks to our savings and investments in the financial market. Investing lifestyle has enabled us to earn a steady monthly income through passive means, and we're grateful for it."

[Retired-jrqs]

I retired at 56 years old and lost 35 pounds so far. Health is Wealth. Working forever does not improve your health.

[endeavorparis]

Early retirement is the dream. I refuse to accept that I have to be at the end of my life to enjoy time freedom. Let's hustle to financial independence!
Being able to work because you WANT to, and not because you HAVE makes all the difference!

[gardenofe]

I would like to retire at 55 but most likely will have to work until 58.
Who knows how long one will live so my thinking is that you take old age as early as possible.

[Anita-oo]

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274, 800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

[SoCalReviewPLUS]

Thank you for that video. I’m actually sending it to several different friends. I look forward to seeing more of your content

[michaelcurtis]

Regarding item #9, I used to be firmly in agreement with you that waiting until 70 to take Social Security was the best option. Then, I saw a Dave Ramsey video about it which changed my mind. I will now start taking Social Security when I reach age 62 and then invest it as Dave recommends if you're able to. I agree with Dave that if Social Security is fully invested between age 62 and 70, you will end up with more money than if you waited till age 70 to take Social Security.

I also agreed with some of the comments on that video where people shared stories of friends who planned to wait till 70 and never made it. They died before ever receiving a cent of Social Security. Now, I'm not saying that will happen but it could happen and taking Social Security as early as possible makes sense. We don't know how long we will live or how long we will continue to be healthy enough to enjoy it. Financial planning isn't always about math.

[dank]

Like your narrative plus writing it, makes it easier to remember.

[PremSingh-gkox]

Nice video. Which software did you use for this video

[howellwong]

#10. Have your pension and SS income more than your fixed living expense.

[citizenoftheyearCC]

Diversification is key. Great advice Chris!

[OnCashFlow]

I would add that your spending plan should be flexible from the beginning (add in a large margin of "fun money" so that if your investments are performing badly one year, you can easily reduce your spending temporarily)

[gracieallen]

If you plan upon working after retirement age don’t claim SS until age 70 then you won’t be penalized for how much you earn if you’re still working

[paullemiremusic]

Delaying social security was the big one for me 👍

[rajjtech]

💞👉Working long periods will damage health. Better retire as early as possible. Then maintain good health, practice good sleep.👆

[HiddenFreedom]

I always enjoy your topics and tips for my planned early retirement. :) Thanks Chris.