Once upon a time retirement was simple you could count on money from a pension and Social Security with bit of personal savings. Not any more. Pensions have mostly gone away causing you to depend on Social Security and personal savings more than in previous generations.
In the last few years people have found these to be risky and have lost a significant portion of their retirement savings forcing them to postpone retirement and work longer.
- Save more you may need to save more than you think because we are living longer than ever before you may live 20 years or more in retirement. So you have to make sure your money lasts as long as you do.
- You may need to retire earlier than you plan due to a job loss or poor health.
- More leisure expenses
- Increased medical cost
Active money management is required
- Seek clarity determine how much money you have saved and how much money you’ll need each month
- Access your comfort level. How worried are you about thought of losing money? If it keeps you awake consider protecting part of it.
- Think about the cost of living and how increases over time.
- Plan for certainty make sure you will not run out of money no matter how long you live.
To help learn and think about the new retirement realities watch this short educational video.
For help you may ask questions in the comments