1. Fund a Social Security bridge strategy
A Social Security bridge strategy will allow you to convert your life-long savings into a monthly income. That income will be guaranteed by the federal government. In addition, by doing this strategy you will increase your Social Security amount.
You will manage to delay the start of your benefits for as long as you can. But you shouldn’t wait longer than the age of 70 because there’s no advantage to it.
2. When you retire consider leaving your savings in employer-sponsored plans
This is a very safe strategy that you can opt for. These employer-sponsored plans are usually managed by fiduciaries. They are required by law to seek your best interest. If you consider doing this, you should talk to a financial advisor or a professional from this field.
They would tell you what the best option is and will act in your best interests.
3. Opt for a guaranteed monthly pension payment
If you are a part of a cash balance plan or of a traditional pension plan, you should choose a monthly pension payment. Doing so will allow you to receive an increased retirement income even if your plan offers a cash-out sum of your earned monthly benefits.
Besides the fact that it will boost your monthly income, it will safely secure your money from fraud, investment mistakes, or exploitation.
4. Find out in what ways your financial institution can help you
Your financial institution can be the best security you’ve ever had. They can secure your savings against any threats such as fraud, identity theft, and financial exploitation.
Here are some examples of secure strategies:
Account monitoring with thrid party alerts
When a transaction appears to be suspicious, some services will allow third parties to receive alerts. That way, you will allow a trusted individual to monitor your accounts.
Alerts
You will be notified when a transaction over a specified amount occurs or when a certain sum is transferred beyond a specific geographic area.
Account lockdowns for investment accounts
With the help of this, you will be allowed to pre-approve only authorized withdrawals that can be only made from your personal account. If someone tries to change these withdrawals, the institution has some security steps they need to go through before-hand.
