Guide

How To Reboot Your Retirement

Many people find it difficult to be retired. The concept is relatively simple: stop working and hope that Social Security and savings will cover all your bills.

But real life doesn’t always work that way. Mark Miller, writing for The New York TimesNYT and Reuters, has written a unique and useful book for those who need to “reboot” their retirement.

Miller’s book, Retirement Reboot: Commonsense Financial Strategies for Getting Back on Track (Agate, 2023) pays close attention to the reality that the pandemic, inflation, and job relocation have left millions of Americans out of control. This ruined her plans for a normal retirement.

“A large proportion of Americans over 50 will almost certainly face a drastic drop in their standard of living for their retirement,” notes Miller. “Today’s unfavorable macroeconomic conditions make careful decision-making all the more important: for millions, the COVID-19 pandemic brought retirement savings to an abrupt halt, only to be further hampered by rising inflation.”

What can you do to get back on track? Miller has a basket full of useful strategies.

  • Make a plan, think about when to retire. This means “careful budgeting and income generation even after retirement.
  • Optimize Social Security to get the highest payment possible.
  • Navigate Medicare, which has gotten even more complicated in recent years.
  • Build savings and access home equity.
  • Find out about ongoing strategies, such as B. Long-term care planning and the use of special support for low-income workers.

Whether you have little or no savings, Miller’s strategies can help you make the most of your remaining working years and restart that dream retirement you deserve.

Read  10 Tips On How To Save And Plan For Extended Travel During Retirement

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