There is a big question on many investor’s minds:
Will I Outlive My Retirement Savings?
Retirement has certainly expanded to be a longer duration than our parents had.
These days retirement can be 20 to 25 years or more, offering both opportunities and challenges.
Let’s take a look at three items to consider for your future:
- Long-Term Care Plans: By age 65, there’s a 70% chance of needing long-term care, with potential monthly costs ranging from $1,600 to over $8,500. Factoring inflation into your financial projections may provide clarity on future needs.
- Back-Up Plan: Evaluate financial safety nets like Social Security and other income sources to help strengthen retirement plans and mitigate risks.
- Plan with Your Financial Advisor: Create a retirement plan that takes into account current life expectancy and any legacy goals you may have. Regular check-ins with a financial advisor offer valuable guidance and a thoughtful retirement journey.
Retiring well requires preparation and ongoing adjustments.
By addressing these key aspects, you may enhance your retirement readiness and enjoy a fulfilling post-work life.
Still have questions? Contact us today!
