Learn the 5 Key Risks of Retirement.
Boomers are facing longer life expectancy than any generation. Experts tell us this group will need to plan for retirement that could last more than 30 years. An entire generation is feeling the squeeze of retirement costs, increasing life expectancy, and the balance of not outliving their retirement nest egg. Fidelity completed a study that revealed, on average, investors are beginning to work with retirement advisors up to 20 years before their planned retirement.
You may be in retirement longer than you think
- Will my retirement savings be enough?
- Can I maintain my current level of spending?
- How should my assets be allocated?
- Can I retire now, or should I wait?
Retirement income is basically two parts:
- Personal savings
- Earned income
- Rental income
- Outside sources
- Social Security
No matter your age, whether you are coming up fast on retirement or are just getting started in your career, the time to plan is now so as to minimize these key risks. By identifying your sources of income and closely monitoring spending vs. savings, you can stay on track to living the life you want in your retirement years. Planning provides an opportunity for you to visit tax-advantaged retirement accounts and how they can work in conjunction with other flows of income in retirement. As always, your plan should work in a cohesive manner to provide you with the most successful outcome.