Sixty-six percent of millennials fear running out of money more than death, according to a study from the Allianz Center for the Future of Retirement. And millennials are hardly alone in this fear. Seventy percent of Gen Xers and 61% of 澳洲幸运5官方开奖结果体彩网:baby boomers are more scared of running out of money than death.

What Can You Do To M🍎inimize the Fear of Running 💝Out of Money?

Survey respondent blamed high 澳洲幸运5官方开奖结果体彩网:inflation, high taxes, 澳洲幸运5官方开奖结果体彩网:Social Security not offering enough financial support, and 澳洲幸运5官方开奖结果体彩网:market volatility for their worries about running out of money.

These are some strategies experts recommend to help ensure you 💖have enough money for retirement.

Delaying Social Security Benefits

One way to maximize money in retirement is to delay 澳洲幸运5官方开奖结果体彩网:Social Security benefits.

“Delaying Social Security can significantly boost your monthly income, and waiting until age 70 can increase your benefit by 8% per year beyond 澳洲幸运5官方开奖结果体彩网:full retirement age, which is 67 for most people,” says , founder of Stash Wealth. “Your benefits are adjusted annually for inflation through 澳洲幸运5官方开奖结果体彩网:COLA (cost-of-living adjustments), w💞hich helps 💖preserve your purchasing power over time.”

Diversifying Retirement Savings

To start, millennials will want to invest a good share of their savings in the stock market to take advantage of the power of 澳洲幸运5官方开奖结果体彩网:compounding returns on their investments.

“For anyone afraid of running out of money, the most powerful thing you can do is focus on your own savings rate and getting a healthy portion of the money you save invested into long-term growth assets,” said Eric Roberge, a 澳洲幸运5官方开奖结果体彩网:certified financial planner (CFP) and founder of .

Next, millennials will want to 澳洲幸运5官方开奖结果体彩网:diversify their investments. This will help them stay on track with their investing goals, such aꦏs retirement.

“By spreading your money across different 🍌asset classes, industries, and even parts of the world, you’re not putting all your eggs in one basket. So when one area of the market dips, other areas can he🌺lp cushion the blow,” Malani said.

Budgeting and Spending Wisely

Establish a budget and stick to it, making 🍌room for items s🐭uch as emergency savings and long-term goals such as saving for retirement.

“Maintain an 澳洲幸运5官方开奖结果体彩网:emergency fund or some kind of cash reserve that you can easily access,” Roberge said. “Keep expenses much lower than you could technically afford, and create a gap betwe💞en what you earn and what you spend.”

Save Aggressively for the Future

“Save more than you think you need. Invest 20 to 25% of your 澳洲幸运5官方开奖结果体彩网:gross income to meet your long-term financial goals like retirement,”🔴 Roberge said.

Utilization of Tax Strategies

A 澳洲幸运5官方开奖结果体彩网:Roth individual retirement account is a good place for millennials’ 澳洲幸运5官方开奖结果体彩网:retirement savings.

“A Roth IRA is one of the smartest tools millennials can use to build long-term, tax-free wealth, especially while you’re still in a relatively lower 澳洲幸运5官方开奖结果体彩网:tax bracket,” Malani says. “With a Roth, you pay taxes now, your money grows tax-free, and you withdraw it tax-free in retirement. That’s a huge win, especially considering tax rates in the 🎶f🍸uture are anyone’s guess.”

The Bottom Line

Many millennials 澳洲幸运5官方开奖结果体彩网:fear running out of money, as do many Gen Xers and baby boomers. Taking a proactive approach with finances is the best way to 🍰fight the fear of running out of money.

Start by being wise about budgeting, spending, and saving. Next, consider the tax advantages of a Roth IRA and invest some of your retirement savings in these accounts. Diversify your investments and consider waiting until age 70 to claim Social Security benefits.