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Making your assets last
We are now living longer in retirement than ever before and the trend is continuing upwards. This presents a challenge to ensure that you are able to remain financially independent for as long as possible.
By understanding the risks you face, you can make smart choices about how much to withdraw and how to handle unexpected financial challenges.
The cost of a long life
A long life is a wonderful thing but it does add a challenge to retirement planning. The biggest risk that future retirees face is running out of money and losing financial independence. You've got to plan ahead so your money lasts as long as you do.
- 82% of couples who are both at least age 65 can both expect to live until at least age 85.
- 60% can expect to live until 90.
- 33% can expect to live to 95.
A conservative withdrawal plan can help. Working with a financial advisor to decide how much to withdraw, which accounts to take the money from, and when to do so can help secure a comfortable retirement for you and your spouse or partner, and help ensure your retirement income lasts as long as possible.
How much can you live on?
While it depends on your individual needs, many retirees have an unrealistic idea of the amounts they can withdraw annually from their savings without running out of money. Aggressive withdrawals are generally unsustainable, especially when the markets are down.
In reality, withdrawing 4% to 5% in the first year, with cost-of-living adjustments to the payment amount in subsequent years, may be realistic for many people over the long term. However, it is advantageous to take the smallest possible amount.
Planning for health-care expenses
The cost of health-care is rising. Combined with longer lives and less insurance coverage, this presents a potentially huge expense for retirees.
A good approach is to factor health-care costs into your retirement expenses. By accounting for these expenses in your retirement plan, understanding your options for health-care solutions, and securing long-term care insurance, you may be able to avoid tapping your other savings.
Preparing for the unexpected
While no one can predict the future, you can prepare by taking a few simple steps. For example, always keep enough cash, to last six months, easily accessible. With this cash reserve available, you may not have to deplete your main savings in the event of an emergency, or be required to liquidate longer-term investments.
Your Financial Services Provider (FSP) can help you develop a plan for making your savings last as long as possible, protecting your assets from health-care expenses and preparing you for unexpected events with easily accessible savings accounts.
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