Jacob Wolinsky BEST WAYS TO INVEST YOUR PENSION In the past, retirement planning followed a simple formula, you work, build savings and then you retire. Although the mechanics of retirement have remained the same, today’s retirees are facing increasing challenges as they financially prepare themselves for their golden years. For starters, life expectancy has increased, making the average retirement period longer. Research shows that babies born after 2007, around 50% of those are expected to live to 104 years in the US. Coupled with a longer retirement is the soaring cost of living, which in recent months has reached stratospheric levels, as inflation and macroeconomic problems have seen prices climb to their highest in more than four decades. More and more companies have scrapped the idea of a defined pension benefit as well. The shift in workplace loyalty among newer generations has given soon-to-be retirees and current employees less financial support from employers toward their pensions. Today, the average monthly Social Security benefit for a retired worker is about $1,681, and will potentially rise to $1,827 in 2023. For the millions of soon-to-be-retired Americans, plumping their savings and boosting their pension with some alternative investment opportunities will be one of the best options they have as they look to navigate the uncertain financial road ahead. Retirees planning to pay off their mortgage, travel to exotic destinations, migrate to a different state, or even do a cross-country road trip will need a bit of cash to do all these things while still being able to live comfortably. Here’s a look at some alternatives to invest your pension for a more comfortable retirement. Finance Monthly. Bank i ng & F i nanc i a l Se r v i ce s 35
RkJQdWJsaXNoZXIy Mjk3Mzkz