3 Keys To Achieving A Satisfying And Secure Retirement

Real Deal Retirement- It was a tough gig, but someone had to do it. Last week, I joined a team of financial experts who spent eight days aboard the Crystal Symphony luxury liner as part of MONEY Magazine’s “Building the New Retirement” Cruise. Despite the harsh conditions—we were forced to feast nonstop on exquisite cuisine and enjoy excursions at interesting ports of call like Quebec City and Halifax, Nova Scotia—the plucky MONEY team still managed to dispense investing guidance and retirement planning advice to our fellow MONEY cruisers. Here are three tips I’ve distilled from our sessions at sea that can help you chart a course to a more satisfying and secure retirement.

There are other ways to generate retirement income with a high level of comfort and security. For example, financial planner and Texas Tech associate professor John Salter demonstrated how different claiming strategies, such as filing and suspending and filing a restricted application, that can significantly boost the amount of inflation-adjusted Social Security payments over a lifetime and how a reverse mortgage might be used as a back-up line of credit that can be drawn on during prolonged market downturns to reduce the chance of running out of money. And in a session during which I talked about arriving at the right asset allocation for retirement, I noted that, while immediate annuities are not for everyone, adding one to a retirement income plan can not provide additional income that will last as long as you live, but also contribute to a more secure and happier retirement.

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