(WTNH) — We spend our lives dreaming about what we want retirement life to look like. As the saying goes: You work to live. And living happy in our golden years is the ultimate goal for most people as you earn that paycheck. Having enough money is an important part of the equation.
We are stretching your dollar with how to ensure you have guaranteed income in retirement.
It’s why experts say you don’t have to think about it much when you set yourself up with guaranteed income.
Financial Consultant John Caserta said, “Plans these days also have that option for an automatic increase so if you start at a certain percentage, they will automatically increase for you.”
Caserta said automatic increases to your contribution are one way to bump that money without having to think about it.
Another is to utilize any available resources; Don’t leave any employer match on the table.
You may also want to consider a bond ladder.
“Bonds mature at specific times, so you can put away money that you’ll use at specific intervals,” Castera explained. “So you know this money will be available to me in 2, 3, 5 years, whatever the time frame may be.”
And of course, there are pensions and social security. It may not be much depending on what you make, but when you piece together all of these options, it may add up to be just what you need in retirement.
One more suggestion Caserta gave us: Use a reverse mortgage. If you’re over 62 and have equity built up in your house, you can take that equity out as a guaranteed stream of income.