Before you retire, take the time to figure out just how much money you’ll need for retirement. One of the biggest concerns for retirees is whether their retirement savings will last the rest of their lives– will they run out of money? Social Security is not the guaranteed source of increased retirement income it once was, and people generally don’t want to depend on public assistance or their children during their retirement years. Whether you might run out of money hinges upon several factors; how much money you’ve saved, how long you need your savings to last, and how quickly you spend your money, to name a few. You’ll be better off if you can tackle these issues before retirement by maximizing your retirement nest egg. But, if you are entering retirement and you still have concerns about making your savings last, there are several steps you can take even at this late date. The following are tips and ideas to help make sure you don’t outlive your money
- Make changes to your spending patterns
- Manage IRA distributions carefully
- Use caution when spending down your investment principal
- Portfolio review & Continue to Invest for Growth
- Laddering investments
- Understand your Options to help pay for Long Term Care
Knowing what the facts are before you retire can make a world of difference. If you want to explore further where you are contact us for a free consultation at 248-423-2700.