Risks
Outliving Money
Over half of Americans are convinced they will run out of savings in retirement. We’re here to help make sure you don’t.
Longevity planning is becoming a big reality for Americans, and that’s a good thing - it means we’re living longer and spending more time enjoying all the rewards of retirement. About a third of Americans are expected to live to 95, and some will live longer. This means that when you’re making your retirement plan, you have to account for longevity. We don’t need to tell you that living should be fun, not stressful - nor do we need to remind you that living without the money to support yourself can make longevity feel less like a gift.
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Our retirement guides love discussing this topic, because it lets us make sure your retirement plan is going to last you well into your eighties, nineties, and yes, even hundreds – the best time of your life. We’ve identified key ways to manage longevity risk so you’re guaranteed to have the money you need for as long as you live, even to a ripe old age of 122.
See examples below of outliving money that we can help you with.
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Long-Term Care Insurance
Long-term care is not covered by Medicare. Purchase a policy when you’re younger and you’ll pay a lower premium.
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Income Annuities
Payments kick in between the ages of 75 and 85, so you have a new guaranteed income stream when you need it most.
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Withdrawal Pacing
Don’t withdraw the same amount of money every year: adjust your withdrawal amounts according to needs, account balances, tax liability, and market performance.
TOP ADVICE:
Mitigate longevity risk with an honest, multifaceted financial plan that grows your assets over time, rather than depletes them.
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Find the real price tag, then factor in how longevity would affect it. Don’t forget to calculate the costs of potential risks, like inflation, market slumps, and long-term care.
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Long-term care health insurance is a great option, but for those who don’t qualify, annuities and/or Whole Life policies can pay for your care.
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Saving and growing your investments doesn’t end when you retire - if anything, it becomes more essential. Give us a call for personalized guidance on growing wealth during retirement.
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