Financial Expert Marion G. Cuff, CFS: Retirement Expenses Expectations


Make text smaller Make text larger



Photos



  • Marion G. Cuff, CFS



What should I do if I determine that my income during retirement won't be enough to meet my retirement expenses?


Fortunately, you may have no need to despair. The further you are from retirement, the more time you have to resolve the expected shortfall. Even if you are closing in on retirement, there may be steps you can take to bridge the gap.

In some cases, the best solution is to cut back current expenses and use that money toward retirement. This will enable you to put more money into your IRA, 401(k), and other retirement savings vehicles. Although you may not think you spend much on dining out and entertainment, such expenses really add up over time. Eliminating large purchases like boats and other luxury items will also make a big difference. Another way to save a bundle is to look into public colleges where your child can get a quality education for a fraction of what a private college costs.

But you might be unwilling to make such sacrifices. If so, or if you simply can't afford to save any more than you already are, consider investing more aggressively. Weight your portfolio more heavily toward stocks and growth mutual funds, and less toward fixed-income securities. A more aggressive investment portfolio exposes you to heightened volatility, but it may also provide a much greater return over the long run. The result: a potentially larger nest egg for you to draw on during retirement. Before investing in a mutual fund, carefully consider its investment objectives, risks, fees, and expenses, which are contained in the prospectus available from the fund. Review the prospectus carefully, including the discussion of fund classes and fees and how they apply to you.

Another alternative is to lower your planned expenses during retirement by setting more modest goals. Instead of buying that beach mansion on the Riviera, settle for a smaller house a few miles from the ocean. Similarly, instead of taking expensive trips around the world on a regular basis, travel closer to home and less often. The idea of a more frugal retirement lifestyle may not appeal to you, but financial reality may require it.

You can take a variety of other steps to make sure that retirement income will at least keep pace with retirement expenses. Some of the most common: work part-time during retirement or simply put off retiring until you're in a better financial position. Consult your financial planner for further advice.

IMPORTANT DISCLOSURES Working with an advisor that holds the CFS designation does not guarantee investment success. Securities and Investment Advisory services offered through FSC Securities Corporation, Member FINRA/SIPC and a Registered Investment Advisor. The Grace Financial Group is a marketing designation.

Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual's personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

Marion G. Cuff, CFS
128 Seneca Lake Road, Sparta, NJ 07871
973-729-9861
Ask Marion G. Cuff, CFS a question
www.thegracefinancialgroup.com

Come in out of the storm; take care of your money and yourself




Make text smaller Make text larger

More From The Ask The Expert

  • Physical Therapy Expert Melissa Prestipino, DPT: Stress Fracture
  • Chiropratic Expert Dr. Mary Negri, D.C: Sciatica
  • Financial Expert Marion G. Cuff, CFS: Retirement Expenses Expectations
  • Financial Expert Marion G. Cuff, CFS: When to Collect Social Security Benefits
  • Physical Therapy Expert Melissa Prestipino, DPT: Tendon vs. Ligament
  • Financial Expert Marion G. Cuff, CFS: Extra Cash
  • Physical Therapy Expert Melissa Prestipino, DPT: Sore Muscles after Exercising
  • Financial Expert Marion G. Cuff, CFS: Identity Theft
  • Physical Therapy Expert Melissa Prestipino, DPT: What to Know About Running
  • Financial Expert Marion G. Cuff, CFS: Reverse Mortgage
  • Physical Therapy Expert Melissa Prestipino, DPT: Causes of Pain from Running
  • Financial Expert Marion G. Cuff, CFS: Estate Planning
  • Physical Therapy Expert Melissa Prestipino, DPT: Pregnancy and Exercise
  • Financial Expert Marion G. Cuff, CFS: When to Save for Retirement
  • Physical Therapy Expert Melissa Prestipino, DPT: Physical Therapy Prescriptions
  • Financial Expert Marion G. Cuff, CFS: Which Credit Card is Best
  • Financial Expert Marion G. Cuff, CFS: Managing Money
  • Physical Therapy Expert Melissa Prestipino, DPT: Torticollis
  • Financial Expert Marion G. Cuff, CFS: Liability for Spouse's Debts
  • Physical Therapy Expert Melissa Prestipino, DPT: Osteoarthritis vs. Rheumatoid Arthritis?
  • Water Expert Andy Ball: Type of Salt for Softeners
  • Water Expert Andy Ball: Slimy or Slick Water
  • Physical Therapy Expert Melissa Prestipino, DPT: How to Treat an Injury
  • Water Expert Andy Ball: Salt in Your Softener
  • Physical Therapy Expert Melissa Prestipino, DPT: Strain vs. Sprain
  • Water Expert Andy Ball: Safe Drinking Water
  • Water Expert Andy Ball: Changing Resins in Your Softener
  • Water Expert Andy Ball: Ion Exchange
  • Water Expert Andy Ball: Scaling and Fouling
  • Water Expert Andy Ball: Hard Water
  • Water Expert Andy Ball: Hydrogen Sulfide
  • Water Expert Andy Ball: Pressure Loss
  • Water Expert Andy Ball: Water Softner
  • Comments

    Pool Rules



    MUST READ NEWS

    Historic farm house on six acres
    Charm and character describe this historic 1891 farm house on six open acres in Lafayette. This property is farm assessed surrounded by farmland so there are many possibilities...
    Read more »
    Image

    Why crawl when you can hop?
    — The ultimate brewery experience has arrived: Dirt’s Brew Hop, happening Saturday, June 9, is taking beer...
    Read more »
    Image

    Daryle Helena Vojt
    Lake Mohawk Country Club member, Daryle Helena Vojt, passed away quietly in her home, with friends and her precious cats on March 23, 2018. She was predeceased by her husband...
    Read more »

    Race to the Top of New Jersey
    — The 2nd annual Race to the Top of New Jersey will take place on Saturday, May 5, 2018, starting at 9:00 am at High Point State...
    Read more »
    Image

    VIDEOS



    Subscribe to our mailing list

    * indicates required
    Community Newspapers


    MOST READ

    Local News
    Kids learning business
    • Apr 18, 2018
    Local News
    Ninja Warrior gym coming to Newton
    • Apr 18, 2018
    Local News
    Science march has political edge
    • Apr 18, 2018

    MOST COMMENTED



    Find more about Weather in Sparta, NJ