Luckily, it’s possible to plan for a retirement of any length. Reducing healthcare costs, withdrawing only a limited percentage per year, and purchasing annuities are a few strategies that can help.
Live Long and Prosper
The first step to a long retirement is making sure you live that long. Looking out for your health both increases your odds for living a long time and saves money on healthcare expenses.
The 4% Rule
One rule of thumb says that you should take 4% of your retirement funds out your first year of retirement, and then the same amount, adjusted for inflation, each year thereafter to help prevent.
Your Safety Net
Annuities replace a lump sum of money with a monthly or yearly payment. That way, you don’t have to worry about what you take out, because the annuity is guaranteed.
Start Planning Your Long Retirement Now
Planning for a long, prosperous retirement doesn’t happen overnight. Now is the time to find a financial advisor and start making your plan. For an easy way to educate yourself on your options, sign up for our webinar on February 23.
Saving properly for retirement now can have a big impact on your mental health and your financial future. We’ll walk you through a handful of considerations, concepts, and investing tools to make DIY retirement prep easier and more profitable.We’ll also take a hard look at the long term tax implications of various saving instruments.