
How can you make your money last longer?
If you’ve decided to move to the West Coast or any other place in the United States, there are still a couple of steps you could take to help your retirement money stretch longer. Here’s what we’d advise you to focus on:
Invest carefully
The proper way to give your retirement money extra life is to start investing prudently. Given that $1 million won’t be enough even for 20 years anywhere you might want to move on the West Coast, you will have to generate a couple of investment gains if you’re still considering moving there.
But if you decide to retire early, you’ll need your money to last for 30 years, and we’ve already discussed that outcome. In this case, you have to find a way to grow your money…. “gently”.
The most efficient way is to consult a financial advisor so you can grow a proper portfolio in time, that will provide you a long-term growth without risking your main funds.