CLEVELAND - Here's a look at Danielle Serino's 'One for the Money' to get you into the weekend:
Till Death Do Us Part
Retirement is supposed to be low stress. But if you don't have enough money...not so much.
So, to make sure you have enough the last the long haul:
-Try to hold off on taking your Social Security benefits until you're 70 years old. The longer you wait, the more you'll get. Plus, 70 if the new 50. Many of us can keep working.
-But if you can't hold off, get an estimate of what your social security checks will be and compare that to your fixed expenses. The Administration has a link that will help you calculate. And if it ‘aint enough, that's pretty good incentive to cut back on spending… now.
-You might also consider moving some of your savings to what’s called a Target Date fund.
That's a mutual fund that rebalances your investments. As you get closer to retirement, it switches from risky, to more stable investments.
And you can contribute to your retirement account by only buying items at prime times.
For instance, in October, you can find deep discounts on several products.
-Mattresses are a great deal now. And you know you're probably due for a new one.
When you’re in the store, start at the back and move forward until you find what you like.
Stores keep the priciest ones in the front.
-Also on sale in October, interior paints. So it's a good time to spruce up you home...especially with dreary winter coming. Consumer Reports has a buying guide that will help you find the best one for the job and your budget.
-Finally, while none of us want to hear the word snow…this is the time to get a snow blower
Because once it starts flying, they'll jack up the prices. You can get one for as little as $200 that will handle light dustings, to a $1,000 for the serious snow falls. Consumer reports has a buying guide for those as well.
What’s in a Name
But if you're going to buy any of these products online, change the answers to your security questions if you already have an account with the company you’re buying from.
This is especially important after this whole Equifax nonsense.
Hackers can likely guess the answers by culling information they find about you online. Answers to questions like your mother's maiden name, your high school, or your pet are easy to find. So make something up if those are some of your options.
It's not a failsafe, but it can provide another roadblock for anyone trying to steal your identity.
For more information head to my Facebook page, One For the Money with Danielle Serino @OneForTheMoneyWKYC.
Or check me out on Twitter: @One4TheMoney3
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