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By: Opinion, Mark Sanchioni August 18, 2022 Comments Off on Sanchioni: An expert’s guide to making retirement savings last

In recent months we have seen inflation increase at rates challenging to most households.  Retirees are searching for ways to make their retirement savings last as long as possible.

Rather than start by recommending folks give up that daily expensive coffee, one of my top recommendations is to work with a financial advisor you trust.  This can be a key person to your retirement success.  They can help you remain objective and, if appropriate, stick to your plan when you are having emotional reactions to the market volatility during your retirement years.

They can also help keep you, your spouse, and your family on track towards your broader financial goals over the course of your retirement and each life event that comes along with it.   The items below are the types of topics you and your financial advisor can talk through and determine what is best for your individual situation.

For those not yet retired:

o  Downsize your housing.  Smaller housing usually means smaller related expenses.  You may also benefit by capturing some equity and discussing with your financial advisor about putting it to work for you in other ways.

o  Downsize your transportation expenses.  Smaller cars can be more fuel efficient.  Fewer cars may even be possible for you.  Less expense on insurance, gas, car payments.

o  Downsize home energy spending.  Have you switched over to LED light bulbs?  Do you have a smart thermometer?

o  Reevaluate all of your insurance coverages.  Are you paying for levels of coverage that you no longer need?

These can be just the beginning.  As you take a closer look at your retirement finances, other ideas may also surface.  Keep an eye on both income and expenses in retirement so you can make adjustments more quickly.

Mark Sanchioni is the chief banking officer for Ridgewood Savings Bank.

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