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Heres what they said abouthandling your money.
Your benefit increases 8% each year you delay, adding thousands per month.
Use other income to bridge the gap until 70, Burbank said.
Cut Current Costs
Its never too early to save orreduce your expenses, even before you retire.
There are resources like SNAP and utility bill discounts test whether you qualify, saidPrestizia Insurancefounder John Crist.
Have family contribute to household expenses in exchange for reduced rent.
With planning, managing costs, and tapping resources, Social Security can go further.
They used the savings to fund an IRA, Pace said.
Small steps make a big difference over the long run.
The time to startplanning and savingis now, Klesinger added.
The more you’re free to sock away now, the better, Blain continued.
At 10%, youre barely keeping up with inflation.
Every 1% increase makes a big difference over time thanks to compound interest.
She invested it and enjoyed solid growth over 20+ years of saving.
By retirement, she had over $500,000 a result of consistent contributions and long-term growth.
Open an IRA in addition to your 401(k) and max out your contributions, Blain said.
IRAs provide tax advantages andmore investment options.
Blain added that retirees monitor investments and make adjustments as needed.
While in the accumulation stage, focus on growth, Blain said.
As you near retirement, balance growth and income investments to provide lifetime income.
Review fees and make changes to lower costs.
For those still working, start investing as much as possible in a diversified portfolio.
Real estate is also a great way to generate passive income.
Prepare For the Worst
Plan ahead by calculating your retirement income needs and shortfall.
These provide more opportunity for your money to grow over the long term.
The sooner you start planning and saving, the better prepared youll be.
Increase retirement plan contributionsas much as possible, at least 10%-15% of your income is ideal.
The more you contribute, the more you benefit from compounding returns and company matches, Burbank said.
Shop Medicare Advantage or Medigap plans to find lower premiums and out-of-pocket costs.
Look into prescription drug assistance programs that offer discounts on medications, Fritch said.
Review medical bills for errors and negotiate lower rates for expensive treatments or procedures.
Managing healthcare costs is key to making the most of your Social Security income, Fritch said.
Ask For Professional Help
Its never too late to take action, according to Burbank.
The key is starting now.
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