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Avoid Running Out Of Assets in RetirementThe “typical” man retiring at age 65 can expect to live an additional 17 years.

The “typical” woman retiring at age 65 can expect to live an additional 20 years.

Those are great statistics if you are looking forward to an active and fulfilling retirement. In fact, an increasing number of people are reaching age 90 and older due to improvements in health care.  If you are someone who wants to have a retirement filled with laughter, fun, adventure and enjoyment, you cannot be stressed and anxious about money. You must be certain that your money is safe and that you have enough so that you can never outlive your resources.  So, here are several strategies that you can employ to help avoid running out of assets:

  • Eliminate Debt: Before you retire, eliminate all major debt. Otherwise, in order to make debt payments, you may be forced to liquidate assets at inopportune times, such as during a falling market.
  • Purchase Guaranteed Income: If your monthly sources of retirement income, such as Social Security and a monthly pension benefit, are not sufficient to pay your anticipated monthly expenses when retired, consider using a portion of your retirement nest egg to purchase an income annuity that guarantees to pay you a lifetime income.
  • Limit Withdrawals: It’s generally a good idea to limit the amount you withdraw from your retirement nest egg in the early years of your retirement…if you take out too much too soon, you might run out of money in the later years of retirement. It’s also important to understand the potential advantages and disadvantages of withdrawing money from tax-advantaged accounts versus taxable accounts, as well as the required minimum distribution rules that apply to tax-advantaged accounts.
  • Continue Working: In order to preserve your retirement assets until later in retirement, you may want to continue working on a part-time or consulting basis.

Call Freeman Owen Jr For Retirement Saving AdviceRetirement planning is essential to your success.  Contact me at (866) 471-7233 for a free consultation so we can determine your specific needs and plan for your retirement days to be the best years of your life!