2. Redefine retirement. "Retirement used to be a reward for 40 years of drudgery," said Frank Boucher, a CFP and owner of Boucher Financial Planning Services. "Folks would die shortly after they retired, but that's usually not the case anymore."
Many of us will spend a couple decades in retirement, which gives us ample opportunity to engage in interesting and/or rewarding activities. For many people, that might entail some sort of post-retirement work, Boucher said. Part-time work allows retirees to put off tapping their nest eggs or draw down savings more slowly. Those who are self-employed are also eligible for related tax deductions.
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Boucher is living by his own advice. Tired of traveling for work and wanting a change, he retired in 2006 from a national association providing financial education and planning services and started his own practice.
"You can really enhance your retirement finances by focusing on the things you are passionate about and getting paid to do them," he said. "A lot of people actually enjoy the work they do, but not the environment they do it in."
3. Look into buying an immediate annuity to hedge the risk you'll outlive your assets. Immediate annuities, sometimes called income or payout annuities, are pretty straightforward. Basically, you hand over a lump sum to an insurer in return for guaranteed regular payments for a period of time, say 10 or 20 years, or until you die. The payments may be fixed or increase with the cost of living, which helps counter inflation risk.