1. Outliving savings is a strong possibility
Have you thought about the possibility of outliving your retirement savings? According to a 2019 study by the Transamerica Center for
Retirement Studies, most responders thought they would live to the age of 90, on average. Meanwhile, another study found that people believe there’s a 45% chance their savings will run out as they grow older. Of those people, 41% haven’t done anything to avoid this.
So, do you think you’d be in either of these categories? A candid look within as to how long you think you’ll live, coupled with a bump in savings should help ensure that you’ll ever reach a crisis point later on in life.
Most experts say you should start adding about 15% more to your savings while reviewing your investment portfolio. The more diversified your portfolio is, the greater your chances of success at earning more money. Lastly, if you can, avoid tapping into your Social Security benefits early on.
