Mitlin Financial Founder and Author of Financial Planning Made Personal, Lawrence Sprung, shares strategies for ensuring financial security in retirement for those over the age of 70.
Follow along Yahoo Finance's coverage of how best to catch up on your retirement savings goals.
Sprung recommends that retirees aim to accumulate 10 to 15 times their most recent annual salary or 20 to 25 times their annual expenses to live comfortably during retirement. While he describes these as "rules of thumb," he emphasizes that individuals should tailor their financial planning to their specific circumstances and needs.
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For effective retirement fund management, Sprung advocates for a three-bucket approach to money allocation: short-term funds should be kept accessible in vehicles like high-yield savings accounts, mid-term money should be placed in more conservative accounts that can generate higher interest and grow, and long-term funds should be invested in higher-growth areas to maximize returns over time.
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This post was written by Angel Smith