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1. Invest in an index fund

Billionaire investor Warren Buffett (who also happens to be 93 years old) has famously said of index funds that they’ll be part of his wife’s investment plan on his passing: In his 2013 letter to Berkshire Hathaway shareholders, he wrote: “My advice to the trustee could not be more simple: Put 10% of the cash in short-term government bonds and 90% in a very low-cost S&P 500 index fund.” As the name implies, these funds follow the motion of a market and invest collectively in all the stocks the index contains.

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2. Cut hefty expenses now

Regardless of where Social Security goes, inflation and rising expenses could cut into your retirement funds, especially if the markets that feed your 401(k) or IRA plateau. Think: Is it time to downsize from an empty and expensive home? Relocate to an area where the cost of living and taxes are cheaper? We also live in a consumerist society and at every turn you’ll encounter messages and subtle pressures to part with your money on things you don’t need — or necessarily want. Moneywise has a list of the top dream purchases retirees often regret.

3. Leverage hidden sources of income

You don’t have to take on a side hustle to unlock income from the resources you already have. Renting out a garage, parking space or spare room can make a major difference in your bottom line.

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Meet Your Retirement Goals Effortlessly

The road to retirement may seem long, but with WiserAdvisor, you can find a trusted partner to guide you every step of the way

WiserAdvisor matches you with vetted financial advisors that offer personalized advice to help you to make the right choices, invest wisely, and secure the retirement you've always dreamed of. Start planning early, and get your retirement mapped out today.

About the Author

Lou Carlozo

Lou Carlozo

Freelance writer

Lou Carlozo is a freelance contributor to Moneywise.

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Disclaimer

The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.