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Running out of money is one of the biggest fears for retirees and people planning to retire. With the general population living longer and medical expenses rising each year, living within your retirement means is a major concern. By creating a retirement plan and sticking to it, you are more likely to stretch your hard-earned dollars. When planning for retirement, there are a few things to seriously consider:

1. How much do you really need in retirement?
As a general rule, 80 percent of your current annual income will be enough to maintain your lifestyle when you retire. But, remember, the total sum that you will need depends on what age you retire, your life expectancy, and the age that you start collecting Social Security. It’s wise to use a variety of retirement calculators to help you estimate how much you will need based on how much earning time you have to collect those valuable nest-egg dollars. Moreover, these retirement calculators can estimate how long your predicted nest egg will last you.

2. Consider Your Withdrawals Carefully
Before and during retirement, you must remain cost conscious and carefully consider your withdrawals from any nest-egg sources. It’s tempting to take out more than you need when you feel that you have earned the right to enjoy your retirement years. There are benefits to keeping your money “stashed away” for withdrawals at a later time in retirement. So, plan when you will withdraw money, from which buckets of dollars, and at which time in your retirement before the actual day arrives.

3. Keep Some Money Separate For Emergencies
It’s the age-old good advice to have money set aside for medical, car, home or unexpected emergencies. By planning to keep some of your money in an accessible form, you won’t be tempted to dip into your retirement nest-egg dollars.

Your Safe Money KitPreparing yourself for retirement is difficult when you try to do it alone. Trusting a knowledgeable professional who specializes in helping retirees get the most from their nest egg dollars can ensure you don’t run out of money in retirement.
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