Retirement is a life event that impacts every aspect of your lived reality. Financial stability becomes an important concern that you cannot help but stress over. After all, even if you have been saving up for your retirement very diligently, your funds are not inexhaustible and life may not go as planned. Therefore, you need to make every penny count so that your retirement savings last longer. Here are 6 smart tips that may be of help to you.
1. Save for the “Rainy Day” separately
Wealth Management experts recommend that everyone must cater for the “rainy day” and thus have at least four to five years of living expenses stashed away from retirement savings’ schemes. In the case of unforeseen emergencies or unfavourable conditions in the stock market, this money can be your saviour. For easy liquidity of these funds, you may have them saved as a laddered bond portfolio so you can access them as and when you need.