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How to Make the Most of Your Retirement Savings

It is one thing to save for your retirement, but it takes knowledge and some skill to know how to make the most of your pension savings. Many retirees find themselves struggling financially due to a combination of high living costs and a lack of adequate retirement planning. Here's how to make the most out of your retirement savings.

Engage a certified financial advisor

If you have stomach ache, you see a doctor; if you have toothache, you see a dentist. It follows that if you have money management problems, you should see a certified financial advisor. He can help you create a proper budget, set realistic investment goals and identify ways to reduce service costs on your investments.

Use coupons and discount codes

These days, almost every product has coupon or discount code attached to it. Google 'discount codes,' particularly for high ticket items, and look out for coupons on items you buy regularly. Maximize any savings by adding them to your pension pot rather than absorbing them into your housekeeping allowance.

Start a new venture

You are never too old for anything. Generate new income streams by starting a home-based business or monetizing your hobbies and interests. Your financial advisor will be able to help you make smart choices and minimize risks. Do your research and see if you can identify a niche market appropriate to your skills. An added bonus is that doing something new keeps your mind active and helps delay the onset of dementia.

Retire to a cheaper location

If the cost of living is beyond your budget where you live, consider moving to another area, or even another country. Find somewhere where you can live comfortably without draining your savings. Google 'inexpensive places to retire,' and do your research to avoid making an expensive mistake.

Exercise, eat sensibly and look after yourself

People are rather like cars - the older they are, the more expensive the running costs are likely to be as chronic illness takes its toll. Prevention is better than cure, so eat healthily and take regular exercise to keep yourself fit and maintain a healthy weight. As well as saving money on medical bills and treatment, you'll enjoy your retirement much more if you are fit and healthy.

Making the most of your retirement isn't just about financial planning, although that is vital if you are to fund a retired lifestyle which - with any luck - will last for 20 years or more. Doing new things, keeping active and eating healthily will hold back the years and enable you to enjoy what should be the best years of your life, because you can do what you want to, rather than what you have to.

 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

This award was issued on 11/01/2023 by Five Star Professional (FSP) for the time period 02/13/2023 through 08/31/2023. Fee paid for use of marketing materials. Self-completed questionnaire was used for rating. This rating is not related to the quality of the investment advice and based solely on the disclosed criteria. 3,885 Philadelphia-area wealth managers were considered for the award; 328 (8% of candidates) were named 2023 Five Star Wealth Managers. The following prior year statistics use this format: YEAR: # Considered, # Winners, % of candidates, Issued Date, Research Period. 2022: 3604, 305, 8%, 11/1/22, 2/21/22 - 8/19/22; 2021: 3,576, 310, 9%, 11/1/21, 1/18/21 - 9/3/21; 2020: 4,148, 366, 9%, 11/1/20, 2/10/20 - 9/11/20; 2019: 3,910, 437, 11%, 11/1/19, 2/11/19 - 9/20/19; 2018: 3,721, 439, 12%, 11/1/18, 2/20/18 - 9/19/18; 2017: 3,022, 437, 14%, 11/1/17, 1/20/17 - 9/8/17; 2016: 2,671, 660, 25%, 10/1/16, 3/5/16 - 10/7/16; 2015: 4,696, 805, 17%, 11/1/15, 3/5/15 - 9/9/15; 2014: 4,438, 856, 19%, 11/1/14, 3/5/13 - 9/9/13; 2013: 3,354, 934, 28%, 10/1/13, 3/5/12 - 9/9/12; 2012: 2,847, 773, 27%, 11/1/12, 3/5/11 - 9/9/11.
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Securities and Retirement Plan Consulting Program advisory services offered through LPL Financial, a registered investment advisor, Member FINRA/SIPC. Investment advice offered through Wealthcare Advisory Partners LLC, a registered investment advisor. Wealthcare Advisory Partners LLC and Secure Planning Group LLC are separate entities from LPL Financial.

CRPS conferred by The College for Financial Planning.

*Winners appearing on this page do not pay a fee to be considered or to win the Five Star Award. Professionals with a digital profile have paid a promotional fee.
Wealth managers do not pay a fee to be considered or placed on the final list of Five Star Wealth Managers. The award is based on 10 objective criteria. Eligibility criteria-required: 1. Credentialed as a registered investment adviser (RIA) or a registered investment adviser representative; 2. Actively licensed as a RIA or as a principal of a registered investment adviser firm for a minimum of 5 years; 3. Favorable regulatory and complaint history review (As defined by FSP, the wealth manager has not; A. Been subject to a regulatory action that resulted in a license being suspended or revoked, or payment of a fine; B. Had more than a total of three settled or pending complaints filed against them and/or a total of five settled, pending, dismissed or denied complaints with any regulatory authority or FSP's consumer complaint process. Unfavorable feedback may have been discovered through a check of complaints registered with a regulatory authority or complaints registered through FSP's consumer complaint process; feedback may not be representative of any one client's experience; C. Individually contributed to a financial settlement of a customer complaint; D. Filed for personal bankruptcy within the past 11 years; E. Been terminated from a financial services firm within the past 11 years; F. Been convicted of a felony); 4. Fulfilled their firm review based on internal standards; 5. Accepting new clients. Evaluation criteria-considered: 6. One-year client retention rate; 7. Five-year client retention rate; 8. Non-institutional discretionary and/or non-discretionary client assets administered; 9. Number of client households served; 10. Education and professional designations. FSP does not evaluate quality of services provided to clients. The award is not indicative of the wealth manager's future performance . Wealth Managers may or may not use discretion in their practice and therefore may not manage their clients' assets. The inclusion of a wealth manager on the Five Star Wealth Manager list should not be construed as an endorsement of the wealth manager by FSP or this publication. Working with a Five Star Wealth Manager or any wealth manager is no guarantee as to future investment success, nor is there any guarantee that the selected wealth managers will be awarded this accomplishment by FSP in the future. Visit www.fivestarprofessional.com.