A retirement strategy that takes into consideration all the changes that come about in life is one of the first things we talk about for a confident retirement strategy, and a plan that aims to ensure that you don’t outlive the money you’ve earned ranks right up there in importance.
That’s because one of the biggest concerns retirees face is the fear that they are going to outlive their nest egg. In fact, according to a 2014 Wells Fargo/Gallup survey, 36% of retired investors and 50% of investors who aren’t retired are concerned they will run out of their own money so that eventually their main source of retirement income will be Social Security.
Your priorities change as you get older, as healthcare costs, living expenses and more free time to do things all have an effect on your expenditures. This is a monumental moment in your life where you need to ask yourself some important questions that will have an impact on your future financial health:
- How can I ensure that the assets I’ve built will be enough to last me throughout my retirement?
- How can I maintain a comfortable standard of living without sacrificing my retirement income?
- How much of an issue will healthcare costs be in retirement, and have I planned for any additional costs that may occur?
- Will I be able to do all the things I have been saving to do?
If you are worried about these types of questions, you aren’t alone. And thinking about these issues means you are concerned and are ready to take proactive steps to ensure your financial plan. This is where a good financial advisor can help you. Advisors can analyze your situation, and develop a strategic plan that strives to build on the assets you’ve accumulated while ensuring that negative risks don’t undercut your retirement savings.
Building and maintaining enough wealth to get you through retirement is an understandable concern and it’s one that you should be reviewing with your financial advisor. If you wish to learn more ways to build up your retirement savings, I invite you to visit our website at www.mooneylyons.com.
Hellmich, Nanci. Big retirement fear: Outliving your savings. USA Today. 24, Sept. 2014
Stock investing involves risk including loss of principal. No strategy assures success or protects against loss.