Finance expert Mike Periu on how to maximize and Double Your Retirement Income.
One of the most stressful retirement-related decisions is choosing when you will actually do it. If you retire too early you may not have enough money to cover your expenses for the rest of your life; retire too late and you are missing out on the joys of retirement. The rule of thumb used by most financial advisors is that you won’t outlive your retirement funds if you only withdraw 4 percent of the balance each year. So if you have a $2 million retirement portfolio, you can take $80,000 per year to supplement your Social Security and other income sources during retirement.
But what if 4 percent of whatever you have saved simply isn’t enough? Many people close to retirement choose to make riskier investment decisions with a hope of hitting the jackpot. This is a big mistake. The best way to proceed is to delay retirement by 5 years. You’ll still likely enjoy a long retirement and this will boost your retirement fund significantly, to the point where it could double what the 4 percent withdrawal represents.
About Mike Periu
Mike is a seasoned executive with experience in small business finance and management. He is the founder of Proximo, LLC a leading provider of corporate, consumer and small business education and training services with an emphasis on finance and technology.
Mike Periu is also a leading national voice for individual empowerment through financial education and entrepreneurship. He has been interviewed over 500 times in national and international media, including NBC, Univision, CNN en español, Telemundo, HITN, TVE, RTE, SBS, MegaTV and others.
Mike writes regularly for American Express OpenForum, Yahoo! Finanzas and is a Huffington Post contributor.
Mike has degrees in Finance and International Business from Georgetown University. He is on the Board of Directors of the Council for Economic Education and was a Fellow at the Kauffman Foundation’s Labs for Enterprise Creation.
