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Living 20 Years Longer Than Your Grandparents? That's what a 2018 Popular Science article said about today's retirees...we'll live (on average) 20 years longer than our grandparents.
Living 20 Years Longer Than Your Grandparents?
That’s what a 2018 Popular Science article said about today’s retirees…we’ll live (on average) 20 years longer than our grandparents. That’s pushing the likelihood that many of us will live to 90 or 100, or longer. That may change what the reality of our retirement looks like for all of us.
It also means the money we’ve saved for retirement will need to last longer, and that the impact of inflation on our purchasing power becomes even more pronounced. Living longer means our bodies may start to wear out before the rest of us does, requiring a need for ongoing care.
How do we plan for that? How do we make sure that our dream for a financially secure retirement doesn’t become a nightmare? It requires that we think about retirement in a different way.
Because of these demographic shifts, the way we not only save for retirement but how we effectively manage these assets has changed. What we’ve managed to save for retirement is going to have to last longer than perhaps we anticipated – so we need to think in a new way about retirement.
Your Retirement Reality may not match up to what you’ve envisioned if you don’t take the proper steps to plan for a prolonged need for income once you’re no longer working.
So what steps to you need to be taking NOW to assure that you’re financially secure in retirement?
- When do you start receiving Social Security benefits?
- How do you minimize the impact of inflation over a 20-30 year retirement?
- Should you be more or less aggressive with your assets as you approach and enter retirement?
- How do you avoid the #1 cause of your retirement “crashing and burning” prematurely?