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Small measures will reduce a retiree's risk of drastic lifestyle changes during retirement 2010-05-26 Outliving retirement savings is one of the biggest fears of most retirees. This fear has been intensified by the economic instability that drastically cut into the nest eggs of most older Americans. The important thing for older adults to remember is that it's never too late to make a significant difference in their retirement income. Older workers should begin contributing the maximum to their retirement accounts after age 50, Retirement Investors Advisors' Tracy Atwood told NBC affiliate KFOR news station. "Usually those are your peak earning years as well, so you can afford to do it," Atwood told the news station. Atwood also encourages workers to meet with a financial planner to diversify their portfolios, the news station reports. Diversification may reduce an investor's risk of losing a large portion of their nest egg in one area while affording them the opportunity to profit in different sectors during periods of market volatility. In addition to their financial health, older Americans should consider their physical health as well. Staying active and healthy can cut down on exorbitant medical bills in the future, which can otherwise cause a sizable savings account to quickly dry up.  |
