Retirement is supposed to be the point in your life when you get to relax and enjoy the fruits of your labors. If you’ve planned well and prepared yourself financially, you’re more likely to be able to do just that. Many people choose to invest in the stock market to build financial resources to fund their retirement. While that can be effective, it does mean that you’re vulnerable to the wild swings that sometimes take over the market. So how can you protect yourself from them in retirement?

A Diversified Portfolio

The stock market tends to cycle from low points to high points and back around again. When the market swings, the tendency is for certain industries to trend downwards while others trend upwards. If your investments are all focused on a small handful of similar industries, you are more vulnerable to the trends of the stock market. Bydiversifying your portfolio, your investments will be more stable overall and you’ll be in a better position to weather market swings.

A Large Emergency Fund

You won’t get rich off of a savings account, but if you were relying on stock investments to fund your retirement and a market swing puts your income in jeopardy, having a large emergency fund saved up can make up the difference. You’ll need quite a large fund saved up if you’re going to rely on that for income though. The last dozen market downturns lasted roughly 14.5 months and took another two years to recover. You may find it difficult to build up a savings account that covers so much time, so finding other methods of temporary income may be necessary. You may find it helpful to take out a loan in some cases. Short-term loans are available to those with bad credit in emergencies, but these typically have high interest rates.

Be Disciplined in Your Spending

Overspending means that money won’t be there for you later. It’s just as important to follow awell-crafted retirement budget as it is in any other part of your life. If anything, it’s even more important since the bulk of your earning years are behind you. You don’t want to spend too much in the early years of your retirement only to find out later that you don’t have enough to pay for your needs anymore.

Protecting yourself against wild market swings in retirement is an important thing to plan for if your plan for funding your retirement involves the stock market at all. Having a diversified portfolio, building up a large emergency fund, and being disciplined in your spending can help you build up financial security. This preparation can help protect you from being vulnerable to wild market swings.

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It’s a very unsure feeling world, and making preparations for the future during pandemic times can seem strange at best. But it’s critical to continue (or begin) to prepare for retirement. It can be difficult to visualize what things are going to be the largest expenditures in the future, and what might be needed in order to make preparations. You can do this, if you know what to do to plan ahead.

Housing Expenses

In retirement, as now, your housing will be one of your largest expenses. It is best if you can prepare ahead to be able to purchase a home and pay off the mortgage prior to retirement, in order to prevent this expense from expanding over time. Buying real estate is a primary way to build wealth, and owning your own home free and clear is a large part of that eventual retirement plan. If you are capable of buying a suitable house and paying off your loan over time, it is a great way to diminish one of your largest retirement expenses. This does not need to be a large house, or the fanciest neighborhood, but an investment for your future. Even with a mortgage repaid, you must also prepare for repairs and needed household expenses as well.

Healthcare Expenses

Unfortunately, many institutions estimate that even with Medicare, you will need to pay 50-80% of your current annual healthcare costs after retirement. There are multiple Medicare plans to choose from depending on your budget and insurance needs. It’s important to research and figure out which is right for your family. As bodies age, they need more care and maintenance, and healthcare costs still are rising exponentially. Being able to prepare ahead for needed expenditures, surgeries, and eventual home healthcare costs is an important part of retirement preparation.

Taxes

The certainty of taxes follows each individual into retirement. Social Security is taxable at up to 85% of the benefit. 401K and IRA accounts are also taxable. There are, however, simple calculators for estimating what income and taxes might be needed for retirement income. This can help you prepare ahead for such major expenditures, in order to know what you need to save. Not being caught by surprise by taxes when you need money for healthcare or other expenditures from your IRA account is an important part of your preparation.

Preparing ahead for retirement can seem overwhelming, but it doesn’t need to be! There are many capable financial advisors and experts who can help you make sure that you are on track for all of your goals. Once the large expenses are taken care of, you will be able to breathe a bit easier, knowing that your retirement is secure and your family is protected.

For more tips on how to plan for your retirement, read this book!

Especially in cases where they are likely to outlive you, it is important to ensure your spouse will have the assets they need to retire when the time comes. Here are some simple tips for securing retirement for your spouse.

Maximize Spousal Benefits

First of all, maximize the spousal benefits of Social Security, pensions, and annuities. If you have the option of taking a lower payout so that your spouse gets money from a pension plan after you die, opt for the lesser portion now so your spouse continues to benefit from the plan.

It could also be a good idea to delay Social Security so your spouse has more to live off of when it comes time to retire. You can choose when you would like to begin receiving Social Security benefits. Retiring early will reduce your benefits, so think carefully with your spouse about when you would like to retire.

Life Insurance

Life insurance is another way to secure retirement for your spouse. If you were to die prematurely before saving enough for retirement, your spouse can be left with little money to retire on. Life insurance can make sure your spouse has enough assets to retire on.

When you retire, you may lose the life insurance plan you had through your employer, so looking for a different plan ahead of time is a good idea. Consider choosing a life insurance plan sooner rather than later in order to get the best deal. As a general rule, life insurance premiums of all kinds will be much cheaper when you’re young.

Spousal IRA

A spousal IRA is a great way to put money aside for your spouse’s retirement and assure that they will have what they need once they reach retirement age. Usually, in order to contribute to an individual retirement account, you must earn an income. If your spouse does not, he or she can still benefit from a retirement account.

With a spousal IRA, one working spouse can contribute money to an account in the name of a non-working spouse. Both spouses simply need to file taxes jointly and one spouse must have the income to cover both IRAs. You can double up on retirement savings even if your relationship only includes one income.

No matter your situation, there are many ways to make sure your spouse has enough money and assets for a comfortable retirement. With spousal IRAs, life insurance plans, and spousal benefits out there, you have plenty of options when it comes to securing retirement for your spouse.

For help planning your retirement, check out our free book!

Start now to prepare your retirement savings fund. Preparing now will allow you to reach your financial goals in the future. Here are three ideas to help you get started.

Start a Side Business

Starting a side business can help you start saving for retirement early. Starting a side business will require you to invest some time, energy, and effort, but there are many ways that you can do this. As you actively seek out opportunities for a side business, you will find that there are many creative ways to make money without taking away from your other responsibilities. Many people don’t realize that you can be saving into an IRA or solo 401(k) if you own your own business. This is one compelling benefit of starting a side business. Before opening a solo 401(k), you need to register for an employer identification number (EIN).

Contribute to a Spousal Roth IRA

Contributing to an IRA is a great way to jump start your retirement savings for both you and your spouse. You need to have earned income (taxable compensation) in order to contribute to a Roth IRA. However, if you are married, you can contribute to your spouse’s Roth IRA even if they don’t work. Since the IRA is an individual account (Individual Retirement Account), contributing to a spousal Roth IRA means that each spouse has their own IRA, just one spouse funds both. In order to do this, you need to have enough earned income to cover both contributions. Roth IRA contributions are a good option because they go in after tax and grow tax-free.

Get Out of Debt Early

Debt is one of the biggest inhibitors for retirement savings. If you have the financial ability to pay back your debts ahead of schedule, you should do so. Paying off debt early will allow you to be free of monthly payments and use that money for your retirement savings account. One of the best ways to pay off debt early is by paying extra as often as possible. As long as you still have the sufficient means to cover your other important expenses, paying extra when possible will help offset the amount you’ll pay in interest. However, some loans come with penalties for paying it off early, so make sure to be aware of these.

Starting a side business, contributing to a spousal Roth IRA, and getting out of debt early are three effective ways that you can jump start your retirement savings fund. Putting in effort now will help you save effort and money in the future.

Want more tips on how to save for your retirement? Read this free book!

You have worked hard to get to your retirement years. Make the most out of it by using this extra time to explore the beauty and grandeur of the US national park system. Regardless of which parks you decide to visit, you are going to want a game plan so that you can fully enjoy these destinations. Here are four tips for traveling to various US national parks during your retirement.

Research Busiest Times of Year

While many tourists choose to visit the national parks during the summer for the warm weather and prime wildlife viewing opportunities, your retirement affords you the opportunity to visit any time of the year. Traveling during the off-season will deliver fewer crowds and more room to roam. The best time to visit these parks is generally during the shoulder seasons such as early fall or late spring when kids are back in school and the weather is still nice.

Don’t Rush

A trip through a national park is not something that you want to rush. Part of the magic of these natural gems is their tranquility. You will enjoy your experience more if you take the time to smell the roses, so to speak. Although each park has definitive major attractions that you will not want to miss, you also need to take the time to get off of the beaten path and truly connect with Mother Nature.

Rent a Reliable Ride

Because many national parks are located in remote areas, you want to be sure that you have a dependable vehicle or RV for all of your travels. It is also up to you to ensure that your vehicle is properly maintained and ready to handle the rigors of the road. In addition to performing the recommended maintenance checks, you should regularly check tire pressure since temperature may affect their condition.

Buy an Annual Pass

If you plan on visiting more than one park, it will probably make good financial sense to purchase an annual pass. An annual pass will get you into nearly every national park for an entire year. There are also discounted rates for seniors, making this an even bigger bargain. With this type of pass, you will not feel rushed to visit a lot of parks at one time.

Leverage the extra time that you have now to fully immerse yourself in the scenic beauty of this country. The national parks are a great place to start this new season in your life.

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If you are like most people on the brink of your retirement years, you may be wondering what you are going to do with your time when you finally reach this pinnacle of life. Before you head down this road, it is a good idea to have a map of how you want to spend these years. You've worked hard to reach retirement, and you deserve to enjoy it to the fullest. Here are three ways that you can treat yourself to life's greatest pleasures once you have retired.

Start a New Hobby

If you have ever dreamed about picking up a particular hobby, now is the time to get started. Get creative in how you want to spend your time. You will likely even make new like-minded friends as a result of pursuing these hobbies. Good ideas to consider include traveling, joining a club or local association, exercising, or spending time in the great outdoors. Many seniors also find a great amount of fulfillment through volunteer work. Volunteering is a meaningful way to give back to your community while personally enriching your own life.

Get Your Dream Car

Retirement is a great time to buy and enjoy your dream car. As long as you are in the financial position to do so, buying the vehicle that you have always dreamed about is a great way to commemorate your retirement years. Before you begin the test-drive process, be sure to consider the practical considerations as well as how you want to spoil yourself. For example, a luxury crossover can comfortably seat seven passengers, which is perfect for when your grandchildren come to visit.

Practice Self-Care

You have likely spent the majority of your life taking care of others. Now is your chance to practice some self-care and nourish your own health and well-being. There are numerous ways that you can do this. Many retirees use this extra time to develop an exercise routine to boost their physical health. Now is also a good time to schedule all of those medical appointments that you have been putting off. Be sure to invest in your emotional and mental health by reading more books, nurturing your relationships, or just fully relaxing without guilt.

Many people dread getting older. The golden years of your life should be celebrated. You can make the most out of this special season in life by doing the things that make you the happiest and enrich your life the most.

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Exercising isn’t only for the youth. Exercise is something that we should do during all stages of our life. But if you are late to the party, then you have even more to look forward to because the reward is much more noticeable and needed.

Golfing

Golfing reduces stress by getting you outdoors in nature's sunshine and open horizons. It's a great mental exercise that keeps you distracted while you strategize and interact with your surroundings. Polishing your golf moves helps with flexibility, posture, strength, and balance.

According to Celebrity Greens, using an open stance and letting your weight drop on the side closest to the hole helps to smoothly roll the ball, which lets you have better control of your distance.

Bicycle Riding

This sport keeps you more intimately connected to the world outdoors than a car commute ever could. The first step is picking a route that fits your preferences. You may want to go out of your way and find a path that has few traffic interruptions when you are just getting started. A busier path that is closest to interesting sights and local shops may be more preferable for seasoned riders. You can go solo on a traditional bike, or you can switch things up by using less-traditional models. According to SilverSneakers, stationary exercise bikes are great for seniors because they have three wheels and let you recline in a laid-back position as you pedal. Tandem bikes have multiple seats for riding with companions.

Water Aerobics

Water aerobics is wonderful when there are added complications from weight or weakened muscles. It's great for getting the heart pumping when it's hot outside and you need a cooler alternative to keep you in the mood. Your body can exercise more effectively without the stress of gravity or heat, so you can last much longer and feel refreshed when you're finished working out. You can do it at home in an in-ground or above-ground pool or at a gym.

Golfing and biking can benefit you by giving you the opportunity to enjoy the outdoors. However, community centers have the added benefit of providing instructor-guided workouts, such as low-impact water yoga to help with stretching targeted muscles that need it the most. These are just a few of the exercises that are great for maintaining your health while being active and staying in shape.

Thinking about retiring, but not sure if you’re prepared? Check out my book, Stress-Free Retirement.

New York City is the most populated city in America for a reason. There's so much to do here. With that being said, a blind move into a city this large is not the way to go at it, especially for a retiree. Here are a few things you need to keep in mind if you plan on retiring here.

Cost of Living

As a retiree, you need to make sure you'll get enough money a month from social security and other sources of income. New York is one of the most expensive cities to live in the US. Statistics show that the cost of living index of NYC is more than twice the national average.

Finding an affordable place to live is likely the biggest challenge. The median price range for a house is $675,000, and the average rental is around $3,500 a month. Not to mention other necessities, such as groceries, cost more than they do in other areas. Subway passes and taxi fares can add up quickly if you're using them frequently enough.

New York Is Always Awake

It's known as the city that never sleeps for a reason. Many bars, shops and restaurants operate at all or almost all hours of the day. As a result, NYC is loud at all times of the day and night. While this is great when you're looking for a quick bite to eat, the noise could interfere with your sleep if you choose to move to a loud area. Make sure to do your research on various NYC neighborhoods before choosing.

Types of Transportation

NYC has plenty of methods of transportation. Sure, you could just drive a car, but with NYC being so crowded, it's not recommended. Taking a taxi or riding the bus are very popular choices. If you're going out further, consider taking the subway. If you're looking for a more active way to get around, NYC provides that too. NYC is very bike-friendly, so biking or riding a scooter are great options. If you don't have a bike or scooter, there are plenty of places within the city where you can rent one. Or, you could just walk. You should keep in mind the dangers of sidewalk sheds when walking past Manhattan construction sites. As long as you are aware of your surroundings, you should be ok.

Social Benefits

Alongside social security, New York City has plenty of benefits and services specifically for retirees. Some requirements are universal, while other benefit programs depend on a variety of other factors. These are definitely worth looking into, and they can provide much-needed help and assistance.

In spite of its pitfalls, NYC is still a land of opportunity for everyone, including retirees. By carefully planning out your retirement, you can spend your golden years in style.

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