In thinking about retirement goals, my husband and I sometimes wonder how long we will live. My grandmother turned 105 last week and has been retired for over 40 years. One online calculator predicted I’ll live until 109! What if I run out of money?
Running out of money before we die is a valid fear. How do we plan financially for the complete unknown?
Rethink Your Investment Allocation
A diverse portfolio is essential to inoculate you against wild swings in the market and ensure you have enough money to live out your days. In addition, being too conservative with your allocation too soon can jeopardize your ability to make ends meet in your later years. A financial advisor can help with these important strategies.
Don’t Limit Your Earning Potential
Think of working as a lifelong affair. Who says you have to stop earning income and “retire”? It is possible to slow down, enjoy life and still earn some money along the way. Studies show that those who continue to engage in meaningful work as they grow older tend to stay healthier. A bit of consulting income when you stop working full time can prolong the life of your savings significantly.
How Long Will I Live and Will I Have Enough?
- Here is a nifty tool to give you a sense of how long you might be walking this earth. The Living to 100 Life Expectancy Calculator takes about 10 minutes to produce a life expectancy prediction: www.livingto100.com
- Check in with your financial advisor: Are you saving enough? Spending in a sustainable way?
I often wonder what life will be like when I turn 105 in 2069. I’m not sure what interesting things there will be to enjoy, but I’m working toward having “enough” to do just that.
