Planning for a long retirement is more important than ever as life expectancy rises. If you're aiming to live to be 100, making smart financial decisions today is crucial to ensuring your money lasts.
This goes beyond simply saving for retirement. It's about maximizing income, cutting costs, and making smart investments to supplement Social Security.
Here are 10 key financial moves to help you prepare for a long and financially secure future.
Earn cash back on everyday purchases with this rare account
Want to earn cash back on your everyday purchases without using a credit card? With the Discover®️ Cashback Debit Checking account (member FDIC), you can earn 1% cash back on up to $3,000 in debit card purchases each month!1
With no credit check to apply and no monthly fees to worry about, you can earn nearly passive income on purchases you’re making anyway — up to an extra $360 a year!
This rare checking account has other great perks too, like access to your paycheck up to 2 days early with Early Pay, no minimum deposit or monthly balance requirements, over 60K fee-free ATMs, and the ability to add cash to your account at Walmart stores nationwide.
Don’t leave money on the table — it only takes minutes to apply and it won’t impact your credit score.
Max out retirement savings
One of the best ways to prepare for a long life is by maxing out your contributions to retirement accounts like a 401(k) or IRA. These tax-advantaged accounts help you build a solid nest egg over time. For those over 50, catch-up contributions allow you to invest even more.
By maximizing these opportunities now, you’ll have more savings to draw from in your later years.
Invest in low-cost funds
Investing in low-cost index or exchange-traded funds (ETFs) can help grow your retirement savings while minimizing fees that eat into your returns. Over decades, high management fees can significantly reduce your portfolio’s value.
Low-cost funds offer diversification and long-term growth potential, which is essential if you're planning to live to 100.
Live frugally
Adopting a frugal lifestyle now will help you save more for your future and make your money last longer in retirement. This doesn’t mean depriving yourself but finding ways to reduce unnecessary spending, such as dining out less, driving a more affordable car, or downsizing your home.
A frugal mind-set early on ensures you’ll have enough money to live until 100.
Earn $200 cash rewards bonus with this incredible card
There's a credit card that's making waves with its amazing bonus and benefits. The Wells Fargo Active Cash® Card(Rates and fees) has no annual fee and you can earn $200 after spending $500 in purchases in the first 3 months.
The Active Cash Card puts cash back into your wallet. Cardholders can earn unlimited 2% cash rewards on purchases — easy! That's one of the best cash rewards options available.
This card also offers an intro APR of 0% for 12 months from account opening on purchases and qualifying balance transfers (then 19.49%, 24.49%, or 29.49% Variable). Which is great for someone who wants a break from high interest rates, while still earning rewards.
The best part? There's no annual fee.
Keep yourself fit and healthy
Good health is one of the best financial moves you can make. Staying fit and healthy helps reduce medical costs in retirement, which is especially important as health care expenses can skyrocket in your later years.
Regular exercise, a balanced diet, and preventive health care can help you avoid costly medical bills, giving you more financial flexibility.
Work as long as you can
Working beyond age 62 — the age at which you’re first eligible to collect Social Security — not only boosts your benefits but also helps delay drawing from your retirement savings.
Every additional year you work allows your investments to grow and compound. This extra income can go a long way toward ensuring you won’t outlive your savings.
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Diversify income streams
If you’re planning to live to 100, relying solely on Social Security or one income source isn’t wise.
Diversify your income streams by investing in rental properties, dividend-paying stocks, or starting a small business.
Multiple sources of income will help you weather financial uncertainties and give you more flexibility as you age.
Plan for long-term care
Perhaps one of the biggest financial risks of living to 100 is the cost of long-term care, such as assisted living or in-home care. Planning for this expense early can save you from depleting your savings in your later years.
Consider long-term care insurance or setting aside a specific portion of your savings for health care needs.
Keep learning about finance
Staying financially literate is crucial if you expect to manage your money over a long retirement. Continuously educating yourself about personal finance, investments, and tax strategies can help you make informed decisions.
Keeping up with financial trends and strategies will ensure your wealth continues to grow as you age.
Rebalance your investment portfolio regularly
As you age, your risk tolerance may change, especially if you're planning for a long life. Rebalancing your portfolio periodically ensures that your investments align with your goals and risk tolerance.
As you near and enter retirement, you may want to shift more toward conservative investments, such as bonds, while maintaining some growth-oriented assets.
If you’re over 50, take advantage of massive discounts and financial resources
Over 50? Join AARP today — because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.
How to become a member today:
- Go here, select your free gift, and click “Join Today”
- Create your account (important!) by answering a few simple questions
- Start enjoying your discounts and perks!
You’ll also get insider info on social security, job listings, caregiving, and retirement planning. And you’ll get access to AARP’s Fraud Watch Network to help you protect your money, as well as tools to help you plan for retirement.
Important: Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up 25% off your AARP membership, making it just $12 per year with auto-renewal.
Delay major expenses
If you're expecting to live a long life, you need to be strategic about when and how you spend your money.
Avoid making large, unnecessary purchases that can drain your savings. This includes big-ticket items like luxury cars or lavish vacations. Instead, focus on experiences that bring value without putting a dent in your retirement funds.
Bottom line
Living to 100 means making thoughtful financial choices now to ensure your money lasts as long as you do. By focusing on maximizing retirement savings, managing health care costs, and maintaining diversified income streams, you can avoid wasting money and make the most of your financial future.
Are you prepared to financially sustain a long and healthy life? Start planning now so you can enjoy your golden years without the stress of outliving your savings.
Lucrative, Flat-Rate Cash Rewards
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Wells Fargo Active Cash® Card
Current Offer
$200 cash rewards bonus after spending $500 in purchases in the first 3 months
Annual Fee
$0
Rewards Rate
Earn unlimited 2% cash rewards on purchases
Benefits
- Low spend threshold for its welcome offer — $200 cash rewards bonus after spending $500 in purchases in the first 3 months
- Cell phone protection benefit (subject to a $25 deductible)
- Can redeem rewards at an ATM for literal cash
Drawbacks
- Foreign transaction fee of 3%
- No bonus categories
- Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
- Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
- Earn unlimited 2% cash rewards on purchases.
- 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 19.49%, 24.49%, or 29.49% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
- $0 annual fee.
- No categories to track or remember and cash rewards don’t expire as long as your account remains open.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
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