5 Ways to Avoid Running Out of Money In Retirement
Here’s the thing: We’re all living longer than any generation before us, and those numbers are only rising. With medical advancements and technological achievements, our life expectancy has increased over the years where some can expect to spend potentially three to four decades in retirement. That’s about as long as you’ve spent working to get to retirement. But it begs the question: How will I know if I’ve saved enough for retirement if I don’t even know how long may I live? What will I do if I just run out of money at the age of 87? It’s not like you can go back to work, nor should you! In today’s show, we’ll discuss five ways to avoid running out of money in retirement, and keep those mistakes from happening.
Outliving your income is a real challenge for today’s retirees. You need to help protect your income while growing it to ensure you’ll always have enough to last throughout your retirement. Every decision you make along the road to retirement can impact the decisions that follow. That’s why it’s so important to make good and prudent decisions early, and to avoid making bad ones. So, let’s start shining a spotlight on five common ways retirees can run out of money in retirement and how to avoid each of them.