In fact, the average household net worth among 65- to 74-year-olds is $1.79 million, according to Fidelity. Some people have far more than that in retirement, which provides them with the financial security that people dream of enjoying during their later years in life. Of course, you still need to be cautious about how much money you withdraw each year so you don't drain your accounts dry.
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Experts, including those who work with wealthy clients, spoke to Moneywise about some behaviors that can potentially help you achieve the financial security you truly deserve. It probably goes without saying, but wealthy people tend to have plenty of income coming in from stable, reliable sources. "Successful people understand the importance of having a consistent, contractual income floor in place," Stan Haithcock, also known as Stan The Annuity Man, told Moneywise.
This is money that's consistently deposited into your bank account. Haithcock listed several different sources of reliable income that could make up your floor, including Social Security, dividend stocks, annuities that guarantee lifetime income, Treasuries, CDs, and high-yield money market accounts. It's worth exploring these options because having this baseline income "ensures consistent liquidity," which means you always have accessible cash coming in.
Haithcock said it can also make you a better investor because you can invest your money, leave it alone, and avoid selling at an inopportune time since you have other funds coming in. Wealthy people also favor another habit you can easily adopt. They don't put all their eggs in one basket.
"Successful retirees generally aren't betting their entire future on one stock, one business or one asset class," Cristian Mundy, a CFP and senior wealth manager at LifeLine Financial & Wealth Management, told Moneywise. "They build multiple sources of retirement income and maintain enough liquidity so they're not forced to sell investments at the wrong time." Dr. Jeffrey Goodrich, founder of JCG Private Wealth Management and professor at UCLA, also said that these assets tend to include things most people don't think about buying, like cash value life insurance and income properties.
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