Aaron Cirksena is the founder and CEO of MDRN Capital, a financial advisory firm that specializes in helping individuals build wealth during their retirement years. Cirksena understands the challenges that retirees face, from unexpected medical expenses to market downturns, and he believes that retirement doesn’t have to be the end of wealth building. In fact, he offers ten approaches to building wealth during retirement that can help retirees increase their financial security.
One approach that Cirksena recommends is to consider low-cost investment options. He suggests looking for index funds that charge fees less than one-tenth of a percent, as well as fixed index annuities that can provide a guaranteed stream of income without any fees. Maximize tax efficiency by exploring strategies to minimize tax burden, such as delaying withdrawals or converting to Roth accounts. By regularly updating your risk strategy, you can adjust your investment allocations to protect your principal while still seeking growth opportunities.
Continuing to invest during retirement can provide opportunities for leveraging your accumulated wealth for promising investment opportunities. Cirksena also emphasizes the importance of focusing on downsizing debt to reduce monthly expenses and increase interest earnings. Working part-time in retirement can provide additional income for wealth building, as well as reducing stress levels. Passive-income opportunities, such as renting property or peer-to-peer lending, can also help retirees increase their overall wealth.
Maximizing Social Security benefits by delaying payments can increase the amount you receive in retirement. Consulting with excellent advisors and never stop learning about financial markets are important steps for retirees to take in order to optimize their wealth-building strategies. The information provided by Cirksena is not meant to be investment, tax, or financial advice, but rather a starting point for individuals to seek professional guidance in their specific situations. Forbes Finance Council, an invitation-only organization for executives in successful financial firms, also provides valuable insights and resources for those looking to enhance their financial well-being after retirement. Remember, it’s never too late to build wealth, even in retirement.
