Question

If you think you will fall short of your retirement savings goal, what strategies will you use to either increase your income or decrease your expenses when you are retired? How effective do you think these strategies will be? Are these strategies you can use for a long time?

Answer 1

- Startegies to increase income/ decrease expenses when you are retired :

• Reduce your investment expenses and fees
• Increase your Social Security benefit by waiting.
• Withdrawing the right amount from savings
• Make smart decisions when changing jobs.
• Set aside separate emergency savings
• Don’t withdraw the money early.
• Avoid high-cost investments
• Manage Your Spending
• Minimize Taxes
• Plan for Health Care Costs

All the above Startegies are effective only when you are investing in a perfect portfoilo which gives you the perfect returns. Some of the above Startegies are longterlo useful and some are short term useful based on the type of investment you choose.