Afraid You’ll Outlive Your Retirement Savings?
For some, the prospect of running out of money is more frightening than death. If this is a concern for you, you need to be proactive and make adjustments to your savings plan as soon as possible.
To find out, ask yourself these three questions:
- Have I been saving 15% or more of my income?
What to do: Work longer, max out your savings, or try to either work out partial retirement with your employer or pick up part-time work to fill the gap.
- How much of my savings do I plan to withdraw each year?
What to do: Match your retirement plan to your circumstances.
- Am I underestimating my life expectancy?
What to do: Assess your health, and assume the best when it comes to your lifespan.
To learn more about what these questions mean or about what to do, read the full article on Fool.com.
Credit to: The Motley Fool
Will You Outlive Your Retirement Savings? Ask Yourself These 3 Questions to Find Out Your nest egg needs to sustain you throughout retirement. Here’s how to make sure it does.
By Maurie Backman (TMFBookNerd), February 14, 2018