Already Retired Maximizing Savings

Stretch your savings. Identify adjustments you can make that will amplify your total retirement savings, allowing you to live the lifestyle you desire.

The amount of savings you have to cover your retirement varies based on the opportunities you were given and the choices you made. Though you may be done building your savings, there are still choices to make to ensure your retirement savings last.

What can you do?


Consolidate accounts. Over the course of your career, you may have accumulated a number of retirement savings vehicles. Consolidating these accounts can reduce the fees you pay and give you a complete view of your retirement finances when it's more important than ever to know where you stand.


Create a withdrawal strategy. One of the biggest mistakes you can make in retirement is withdrawing too much, too quickly. It's vital to create a formal plan for withdrawal that ensures your savings last as long as you do. A financial advisor can work with you to create a sustainable plan for withdrawals.


Consider delaying Social Security. Delaying retirement benefits from Social Security until after full retirement age (which depends on your birth year) will yield a higher monthly benefit. If you haven't yet begun receiving Social Security benefits and are getting by just fine, it may be smart to hold off until this later age for the added monthly income.


Find more income. One of the great things about retirement is choosing how you spend your time. Think about your passions and consider whether you can turn them into a part-time job. You could sell items you create or get a job consulting. Any money you bring in from your part-time job can allow you to reduce your withdrawals from savings.


Think about downsizing. Your house may be your biggest expense. Moving to a smaller home, condo or apartment can pay off for some retirees. Downsizing can significantly reduce living expenses. A home sale can provide a boost to savings if you put part of the proceeds into your retirement accounts. Selling your home also gives you more flexibility to consider relocating to an area with a lower cost of living, possibly closer to loved ones.


Update insurance policies. Are you driving less? You may want to consider adjusting your auto coverage. Review your health insurance policy and sign up for Medicare Part A at age 65 even if you’re covered by other insurance. It's free for insured people and helps pay for inpatient hospital care and other services. Double-check that your beneficiaries are up to date on life insurance policies.

Contact a financial advisor for a no-cost, no-obligation consultation to discuss options that fit your needs.

Next: Managing Your Money

Want to maximize your retirement savings?

Work with a financial advisor to build a strategy.

Call 1-877-221-8108 to get started today.

© 2020 Navy Federal Credit Union. All rights reserved.

Navy Federal Credit Union is federally insured by the National Credit Union Administration.

Nondeposit investment and insurance products are offered through Navy Federal Financial Group LLC (NFFG) and through its subsidiary, Navy Federal Brokerage Services, LLC (NFBS), a member of FINRA/SIPC and an SEC registered investment advisory firm. Brokerage and advisory products are offered through NFBS. These products are not NCUA/NCUSIF or otherwise federally insured, are not guaranteed or obligations of the credit union, are not offered, recommended, sanctioned, or encouraged by the federal government, and may involve investment risk, including possible loss of principal. Products may be offered by an employee who serves both functions of accepting member deposits and selling nondeposit investment and insurance products. 1-877-221-8108. Trust Services available through MEMBERS Trust Company. 1-855-358-7878.

Investors should carefully consider the investment objectives, risks, and charges and expenses associated with municipal fund securities before investing. This and other information about municipal fund securities is available in the issuer's official statement which can be obtained directly from the issuer, or if distributed through a broker dealer, may be obtained from a financial adviser, and should be read carefully before investing.

An investor should consider, before investing, whether the investor's or designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program.

If a municipal fund security describes one or more of their investment options as having the characteristics of a money market fund, it is important to know that an investment in the security is not insured or guaranteed by the FDIC or any other government agency (unless such guarantee is specifically provided by or on behalf of such issuer) and, if the security is held out as maintaining a stable net asset value, that although the issuer seeks to preserve the value of the investment at $1.00 per share or such other applicable fixed share price, it is possible to lose money by investing in the security.