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At 64, Robin is retired with a healthy $700,000 nest egg. On paper, she should feel secure. Yet instead of enjoying her days, she finds herself opening her retirement account app five times a day, watching the balance tick up and down with the market. Each dip sparks anxiety: What if I run out? What if this isn\u2019t enough?<\/p>\n
She isn\u2019t the only one worrying. A recent Allianz survey(1) found that 64% of respondents are more worried about running out of money during retirement than dying.<\/p>\n
This may be due to many retirees trying to survive on too little, with a recent AARP survey finding that 20% of Americans ages 50 and over have no retirement savings (2).<\/p>\n
Even with a robust $700,000 nest egg, you may still find yourself with money worries in retirement. But there are ways to stop worrying and enjoy retirement. Here\u2019s how to get to a healthier place and avoid the constant stress.<\/p>\n
One of the most effective ways to quiet the worry is to work with a professional to oversee those accounts. A financial advisor can help calculate a sustainable withdrawal rate based on your savings, investment mix and lifestyle needs.<\/p>\n
Robin\u2019s retirement accounts are invested, which means that the value can change from one day to the next. Watching those shifts in real time can make even the most diligent saver feel like they\u2019re gambling with their future.<\/p>\n
Working with a financial advisor can also help you to understand the best paths to diversification, given your age and lifestyle plans. An advisor can test different scenarios and show you how long your money is likely to last.<\/p>\n
To establish a safe withdrawal plan, map out some different scenarios and feel confident in the savings you have built for retirement, consider finding an advisor with Vanguard<\/a>.<\/p>\n You can connect with a personal advisor who can help assess how you\u2019re doing so far and make sure you’ve got the right portfolio to meet your goals on time.<\/p>\n Vanguard\u2019s hybrid advisory system combines advice from professional advisors and automated portfolio management to make sure your investments are working to achieve your financial goals.<\/p>\n All you have to do is fill out a brief questionnaire about your financial goals, and Vanguard\u2019s advisors will help you set a tailored plan<\/a> and stick to it.<\/p>\n For Robin, seeing those numbers on paper and knowing a professional is guiding her decisions could alleviate her anxieties that lead her to check her balances five times a day. Once she\u2019s able to stop fixating on her balance so frequently, she won\u2019t have to worry about every little bump in the road.<\/p>\n Read more: Warren Buffett used 8 simple money rules to turn $9,800 into a stunning $150B<\/a> \u2014 start using them today to get rich (and then stay rich)<\/p>\n Robin could also consider diversifying her investments outside of the stock market. Many financial experts recommend some amount of hedging against dips in the stock market (3). For Robin, it may just help her to stop checking her investment app five times each day.<\/p>\n Investing in real estate may seem like a bold move at Robin\u2019s age, as it usually requires a huge upfront capital expenditure.<\/p>\n However, investing in real estate doesn\u2019t always require you to purchase a property outright. With crowdfunding investing platforms like Arrived<\/a>, you can own a percentage of physical real estate \u2014 such as vacation and rental properties \u2014 without the responsibilities that come along with being a landlord.<\/p>\n Backed by world-class investors like Jeff Bezos, Arrived allows you to invest in shares of rental homes without having to deal with the risks. To get started, simply browse through Arrived\u2019s curated selection of homes, vetted for their appreciation and income potential.<\/p>\n Once you find a property you like, choose the number of shares you want to buy and get started with as little as $100<\/a>.<\/p>\n Another option for investment outside of the stock market you can consider is gold.<\/p>\n Gold is currently on a record-breaking run, precisely because the shaky stock market made so many professional investors run to the safe-haven asset as the markets became unpredictable over the last few years.<\/p>\n For those looking to save for retirement, a gold IRA<\/a> can be an excellent way to take advantage of the perks of this type of asset \u2014 including diversifying your portfolio and hedging against inflation \u2014 all while receiving the tax advantages of a traditional IRA.<\/p>\n To learn more, you can get a free information guide that includes details on how to get up to $20,000 in free metals<\/a> on qualifying purchases.<\/p>\n Join 200,000+ readers and get Moneywise\u2019s best stories and exclusive interviews first \u2014 clear insights curated and delivered weekly. Subscribe now.<\/a><\/p>\n Working with an advisor also helps ensure that your money is allocated in a way that doesn\u2019t keep you up at night.<\/p>\n When you\u2019re younger, growth is the goal \u2014 a heavy stock allocation makes sense. But once you\u2019re in retirement, the stakes are different. A market downturn can be harder to recover from when you\u2019re drawing down your accounts.<\/p>\n For someone like Robin, peace of mind may come from dialing back risk. That might mean holding fewer stocks, focusing on dividend-paying companies, or adding more bonds, Certificates of Deposit, or Treasury securities for stability.<\/p>\n Robin could put her investing on autopilot with Acorns, which banks your spare change in an expert-built portfolio of diversified ETFs<\/a> chosen based on your risk tolerance.<\/p>\n With their compound interest calculator, you can see how your money could potentially grow over time with the power of compounding.<\/p>\n Sign up today with a recurring investment and Acorns will give you a $20 bonus<\/a> to your account.<\/p>\n The key to investing in retirement isn\u2019t following a one-size-fits-all rule. It\u2019s creating a mix that feels secure. If Robin knows her money is being invested in a way that won\u2019t lead to big swings \u2014 and that those allocations align with her comfort level \u2014 she\u2019ll be less tempted to log in each day for reassurance.<\/p>\n Another way Robin can feel more secure and shift her focus away from checking and double-checking her investments is to focus on things she can control: Reviewing her daily spending and budgeting.<\/p>\n Downloading a reliable tool like Monarch Money<\/a> can help her get a clearer sense of her monthly and yearly budgeting, and understand how to make changes that fit her comfort level.<\/p>\n This financial management platform offers an all-in-one tool that gives you a complete view of all your accounts at once \u2014 helping you track investments, spending and budgeting, and even offers personalized advice so you can feel confident about your long-term financial planning.<\/p>\n You can also feel confident about sharing your financial data with Monarch Money \u2014 the app is protected by Plaid for secure data integration, and employs multi-factor authentication at login, so you can keep your accounts safe.<\/p>\n Download the app now for a seven-day free trial<\/a>. After that, you can get 50% off your first year with the code WISE50.<\/p>\n The less reliant you are on your nest egg, the less worried you might be about running out of money. Relying more on guaranteed income streams, like Social Security, is key here.<\/p>\n Robin can choose to claim benefits as early as 62, but doing so locks her into permanently reduced checks. Waiting until her full retirement age of 67 means a higher benefit, while delaying until 70 boosts her monthly income even further. Understanding these trade-offs \u2014 and choosing the right age to claim \u2014 can make a big difference in how secure she feels.<\/p>\n Some retirees also consider annuities or other products that provide a steady lifetime income. The point is to build a foundation of predictable money each month, so the entire burden doesn\u2019t rest on the investment accounts. For Robin, knowing her essential bills will always be covered by Social Security and perhaps other guaranteed sources can make the ups and downs of her portfolio less frightening.<\/p>\n Robin\u2019s story is a reminder that worry in retirement isn\u2019t always about the numbers. Even with $700,000 in savings, the lack of a paycheck can create an uneasy feeling of vulnerability.<\/p>\n The path forward isn\u2019t to watch account balances obsessively, but to create a system that replaces that daily reassurance: a withdrawal plan guided by an advisor, an investment strategy that aligns with her comfort level and guaranteed income streams that cover her needs.<\/p>\n With those safeguards in place, Robin and retirees like her can stop treating retirement like a gamble and start enjoying the years they\u2019ve worked so hard for.<\/p>\n The less reliant you are on your nest egg, the less worried you might be about running out of money. Relying more on guaranteed income streams, like Social Security, is key here.<\/p>\n Robin can choose to claim benefits as early as 62, but doing so locks her into permanently reduced checks. Waiting until her full retirement age of 67 means a higher benefit, while delaying until 70 boosts her monthly income even further. Understanding these trade-offs \u2014 and choosing the right age to claim \u2014 can make a big difference in how secure she feels.<\/p>\n Some retirees also consider annuities or other products that provide a steady lifetime income. The point is to build a foundation of predictable money each month, so the entire burden doesn\u2019t rest on the investment accounts. For Robin, knowing her essential bills will always be covered by Social Security and perhaps other guaranteed sources can make the ups and downs of her portfolio less frightening.<\/p>\n Robin\u2019s story is a reminder that worry in retirement isn\u2019t always about the numbers. Even with $700,000 in savings, the lack of a paycheck can create an uneasy feeling of vulnerability.<\/p>\n The path forward isn\u2019t to watch account balances obsessively, but to create a system that replaces that daily reassurance: a withdrawal plan guided by an advisor, an investment strategy that aligns with her comfort level and guaranteed income streams that cover her needs.<\/p>\n With those safeguards in place, Robin and retirees like her can stop treating retirement like a gamble and start enjoying the years they\u2019ve worked so hard for.<\/p>\n We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines<\/a>.<\/p>\n Allianz (1<\/a>); AARP (2<\/a>); Investopedia(3<\/a>)<\/p>\n This article originally appeared on Moneywise.com<\/a> under the title: I\u2019m 64 and retired with a healthy $700K nest egg \u2014 but I can\u2019t stop checking my account. Am I right to worry?<\/a><\/p>\n This article provides information only and should not be construed as advice. It is provided without warranty of any kind.<\/p>\n","protected":false},"excerpt":{"rendered":"Envato\/YuriArcursPeopleimages Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. 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