Plan for the Unexpected in Retirement
On the road of life, there can be bumps from time to time. From extensive car repairs to funding a new furnace or a family illness, one thing remains true – unexpected expenses will happen.
If you’re close to or living in retirement, your budget is likely tighter than ever. What can you do to be more prepared? We’re here to help. Here are some tips:
- Use Nationwide® tools & calculators — Manage your account and spending needs with tools like the Payout Calculator. Play with the numbers to see if withdrawal amounts could be adjusted to cover emergency situations.
Create an emergency fund — Choose a low-risk investment or savings option for an emergency fund, where you can easily access your money without delay or penalty, like a savings or money market account. Remember, money market funds are not insured or guaranteed by the FDIC or any other government agency. Although the goal of a money market is to preserve the value of an investment at $1 per share, it is still possible to lose money.
- Re-evaluate your retirement income investments — Reallocating your investments into more conservative options may help you better prepare to handle expenses.
Take a look at all the articles on retirement in our Financial & Retirement Library in the Learning Center for more tips to help you manage expenses in retirement.
Get the help you need
Talk with one of our Retirement Specialists – we’ve helped thousands with questions about how to help you make retirement income last throughout the years and we’re here to help.