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The good news is that you might act now to secure your financial stability inretirement.
Here are five moves to make before retirement in case Social Security runs out.
Review your currentspending habitsand identify areas where you might trim down.
Small changes, like canceling unnecessary subscriptions or dining out less frequently, will go a long way.
Such debt can eat into your retirement income, so prioritize paying it off as soon as possible.
Whenever possible, make additional payments toward your debt to pay it down faster.
Once the high-interest debt is out of the way, youll have more flexibility in your budget during retirement.
This could be getting a second job, a side gig, or even starting a small business.
However, consider doing something you love to avoid burnout.
Diversify Your Retirement Income
Relying on one retirement income is risky, especially with Social Securitys uncertainty.
Consider investing in income-generating assets likereal estate,dividend-paying stocks,bonds, andindex funds.
These investments can provide a steady income stream.
you’re able to also reinvest what you make to earn even more.
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