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This is bad news for anyone retiring soon, especially in the next decade.
These experts explain what people retiring in a decade should do now to prepare.
However, Kates recommended that you not panic.
The shortfall, while extremely destabilizing for the program, doesnt spell its doom.
It is easy to look at what your projected Social Security benefits will be in the future.
Work With an Advisor
Kates highly recommended that soon-to-be retirees take financial planning with an advisor seriously.
A strongemergency fundis one of the best ways to protect yourself and your plan from unknowns.
Additionally, Kates suggests investing in tax-efficient, growth-oriented securities.
Allocate most of your portfolio to stocks, especially in technology, healthcare and emerging markets.
These sectors often provide thebest long-term growth.
Consider Annuities
Burbank also recommended investing in fixed annuities, which provide guaranteed payments for life.
Look for low-fee annuities that meet your income needs, Burbank said.
Annuities can help diversify your sources of retirement cash flow beyondSocial Securityand stocks.
This habit helps them make informed decisions and adjust their investment strategies accordingly.
Sell your investment losses to offset your gains at the end of the year.
Ultra-wealthy individuals do this to offset realized gains and reducecapital gains taxes.
Implement a tax-loss harvesting strategy to offset realized gains.
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