Aaron Cirksena is the founder and CEO of MDRN Capital, a financial planning firm that specializes in helping retirees build wealth during their retirement years. Many retirees face challenges when it comes to their retirement savings, such as unexpected medical expenses or market downturns. One common fear among retirees is outliving their retirement savings, with more than 50% of retirees worrying about this situation.
Retirement doesn’t have to be the end of wealth building, though. There are several strategies that retirees can adopt to increase their wealth during their retirement years. One approach is to consider low-cost investment options, such as index funds or fixed index annuities, which can provide a guaranteed stream of income with minimal fees. Maximizing tax efficiency, regularly updating risk strategies, and keeping investments can also help retirees build wealth.
Retirees can also focus on downsizing debt, working part-time, and looking for passive-income opportunities to increase their wealth. By reducing debt, bringing in additional income through part-time work or passive-income streams, retirees can ensure that they have enough money to enjoy their retirement years comfortably. Maximizing Social Security benefits and consulting with excellent advisors are also essential steps for retirees looking to build wealth during retirement.
It’s crucial for retirees to continue learning about financial markets and stay informed about opportunities that can help them grow their wealth. Financial setbacks can happen at any age, but it’s never too late to start building wealth. While the information provided is not investment advice, consulting with a licensed professional can help retirees navigate strategies for building wealth during retirement. The Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning, and wealth management firms, providing valuable insights for those looking to increase their wealth during retirement.
