Goldstone Financial Group: How to Recoup from Drawing Money from Your Savings

How to recoup from drawing money from

your savingsgoldstone financial group

Identify what’s causing the drain

• Tt is advisable to save cash reserves to cover expenses for anywhere between 3-6 months.

• If you’re a homeowner, you should be able to cover 6-12 months.

• Set aside 1% of your home’s value each year for repairs.

Start saving small amounts to develop

good saving habits and begin replenishing

your retirement fund.

Eventually, you should increase your

contributions to company retirement funds to the

maximum amounts allowed by your 401(k)s and IRAs.

Delay retirement or social security withdrawals

• The best way to improve a retirement portfolio’s longevity is to delay drawing on it.

• Delaying retirement allows more time to build greater savings and also ensures that saved funds that you have accumulated will last longer into the future because they are being drawn on later in time.

If you’re a homeowner and your home has sizable home equity, consider a reverse

mortgage. payments.A reverse mortgage allows

people aged 62 and over to receive tax-free cash in a lump sum or fixed payments

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