Managing Your Savings So They Will Last
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How can I make my savings last a lifetime?
Everyone likes to think that the savings the put away will be enough to help them reach retirement someday. Most do what they can and hope for the best. People who are serious about their savings plans, however, go beyond a simple savings account. If you are serious about making your savings last you a lifetime, here are a few ways to go about it.
- CDs, IRAs, & Other Long Term Investments – These types of securities are sure fire ways to ensure your savings earns more money over time. These come with low risk and low rewards, so there is not room to break the bank, but there is no bottom to fall out on you either
- Short Term Investments – Some people choose to deposit their savings into investments accounts that have a little higher potential than a tradition savings plan. These types of investments may produce greater returns, but also run the risk of providing none, and even losing money along the way.
- Trusts & Annuities – The reason that most savings do not last a lifetime is because people withdraw them early. With a trust or an annuity you are restricted from extra withdrawals which can save you from dipping too much into the piggy bank until there is little pork left.
However you go about it, ensure that your savings will last for as long as they were intended. Consult with a specialist who can advise you on the best course of action to achieve your savings goals.