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.