Probably the biggest fear we see when people come in here is outliving their money. I mean, I would imagine if we took a survey of folks listening today, 9 out of 10 would say running out of money.
MARK FRICKS
ATLANTA – Longevity risk presents a significant challenge for retirees, with medical advancements potentially extending lifespans and creating decades-long retirements that require careful financial planning.
• Running out of money in retirement is often feared more than death itself
• Life expectancy now averages 79.5 years for men and 82 years for women
• Most retirees now believe they need about $1.5 million to retire comfortably
• Estimate your personal timeline based on health, family history, and lifestyle
• Consider delaying Social Security to age 70 for up to 77% higher payments
• Explore appropriate annuities for guaranteed lifetime income
• Consider adopting a flexible withdrawal strategy with different “buckets” for different time frames
• Consider how market volatility impacts your withdrawal strategy
• Plan for long-term care before you may need it, with 70% of people over 65 likely needing care
• Average nursing home costs can exceed $8,669 per month nationally
• Explore hybrid long-term care and life insurance options
• Consider part-time work or phased retirement for both financial and emotional transition
Schedule a complimentary consultation at MasterPlanRetire.com or call 770-980-9262.
