Don't Out Live Your Money With These Helpful Tips
A common question people ask is, “Do I have enough to money to retire?” The subtext is, “Could I run out of money before I die?” It's only natural for a pre-retiree or someone who has just recently retired to wonder if they will make it through. I’ve never met anyone who told me that they wanted to become a burden to their children later in life. Or that they wanted to run out of money and live in poverty in the final days that they have left. If you want to make it all the way through retirement, make sure you develop a plan longevity risks. Today, we want to discuss some tips that could help you make sure you wont out live your money.
One of people's biggest fears is that they will run out of money before they die. It’s really a normal fear, and for good reason. There are several risks that make the possibility that you will go through your entire life savings too quickly a reality. We have 4 tips to help people not out live their money.
#1 - Be careful following the 4 Percent withdrawal rule
This tip involves spending money you have saved a lifetime for. Many retirees today might use Social Security and pensions supplemented with regular withdrawals from their savings. A strategy that many financial advisors tend to follow is called the “4 Percent withdrawal” rule. It was created over 20 years ago and says do not take out more than 4 percent of your saving out. However, the 4 Percent assumes that 50-75% of your savings are invested in stocks. Inflation could be higher than the 3 percent historical norm. Market performance could be poor. You could also live longer than you thought you would, or you planned for.
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