These are great investing strategies for retirement.
No longer can retirees depend on a pension after working for decades for the same company. While Social Security is available to most individuals over age 62, the payments rarely allow retirees to continue with their preretirement lifestyle.
In 2019, the maximum Social Security benefit for a 62-year-old is $2,209 per month, while the highest amount a 70-year-old can collect is $3,770. These statistics underscore the importance of saving for retirement and supplementing Social Security benefits.
For those who are in or nearing retirement, there are ways to improve retirement income from annuities to portfolio withdrawal strategies. The safest investments for seniors include well-known ideas as well as other retirement investments and strategies that may surprise you.