3. Making your money last as long as you do
Figuring out how long you’re going to live is clearly impossible. Nobody knows how much time they have left on this Earth, so making your money last might seem like an unreachable goal. The Social Security Administration says that women who are not 65 can expect to live until they’re around 86.7 years old while men who are 65 might live to the age of 84.2.
The bottom line is that you do not want to run out of savings. If you think you won’t live very long and spend your money liberally each year you’ll be in big financial trouble once that money runs out and you’re still in good health. Or you could be very tight with your money, expecting to live a very long life, only for tragedy to strike early.
See, not so simple now, is it?
By using a good retirement planner you can look at the bigger picture ahead of time and calculate changes to your lifestyle, budget, and investment opportunities as you see fit. One thing’s for certain. It’s always better to have some wiggle room, no matter the outcome so that you’ll be covered in any event.
