Important things to know about Maximizing Retirement Savings

Feb 22, 2023Financial Literacy

As life expectancy continues to go up, the question of when to retire becomes less about hitting the “retirement age” and more about how much savings is needed once you stop working.  And for many individuals, a traditional retirement is no longer as commonplace.  Fortunately, there are other options outside of traditional savings vehicles to help you increase your post-employment funds.  

Using the free *Native American Financial Services Association (NAFSA) Financial Literacy Program, you can explore online playlists with many modules that relate to overall financial competency, whether this is understanding checking accounts or estate planning, our curated playlists will provide you with important information.

Maximizing Retirement Savings:

Working after retirement is a reality for many people.  Whether to earn supplemental income or to stay engaged, more and more older individuals are staying in the workforce and this number is only projected to go up.  It’s important to know that if you start working again after your social security benefits kick in, you may have a reduction in your benefits, so it’s important to check with the Social Security Administration on the latest information regarding work limitations post-retirement.  

Other ways to maximize your retirement savings may be to apply for a reverse mortgage, utilize your health savings account, relocate to an area with a lower cost of living and taxes, or downsize, which can reduce your cost of living expenses.  

Every person of retirement age has their own unique situation and circumstances but having a better understanding of some options can be empowering.  Use our Maximizing Retirement Savings article, located in the Preparing for Retirement playlist to learn more. 

The NAFSA Financial Literacy Program provides a variety of modules and tools with easy-to-understand information to help people better comprehend their finances and make more informed decisions.

Explore the program today:

*The NAFSA Financial Literacy Program content contained on the NAFSA web page(s) referenced above, and on any subsequent pages created by our service providers/partners, provides general consumer information. It is not legal advice or regulatory guidance. There may be other resources that also serve your needs and you are always encouraged to, and should, consult with your own professional advisors prior to making any financial decisions.

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