Some Ways to Minimize Expenses Near Retirement

An accomplished New York-based finance professional with over two decades of experience in wealth management, Bryon Martinsen has served as a branch manager at Centaurus Financial, Inc., since 1999. In this role, Bryon Martinsen oversees more than $100 million in assets for individuals and small businesses, focusing on estate planning and retirement income, among others.

A person who is 50 or older is nearing retirement. At this stage of their lives, they should leverage their time and skills to save as much as possible for retirement, as this action cements upkeep and good quality of life post-retirement.

Besides keeping funds in retirement accounts, saving also has to do with avoiding the depletion of saved funds for evitable expenses. Evitable expenses include non-essential subscriptions and some automatic installments on less relevant services.

Near-retirement individuals and seniors in the U.S. can join some nationwide organizations geared toward improving retirees’ quality of life. One example is the American Association of Retired Persons (AARP), which offers members access to information on ongoing travel and restaurant discounts.

Investing in emerging cryptocurrencies and stocks is also riskier during near-retirement periods. Cryptocurrencies and stocks are volatile asset classes. For a near-retirement individual, an unanticipated market downtown of these assets can strike a nest egg without sufficient time to recover from the loss. It’s ideal to avoid investing in these assets near retirement. Research and rigorous due diligence before asset purchase coupled with diversification of assets can help minimize risk exposure for individuals who are tolerant to the risks associated with volatile assets.