Here’s something to think about: 58 percent of retirement savers from all age groups, including current retirees, say that outliving their assets is their greatest retirement fear, according to a study by Cerulli Associates, a financial services research organization.
If you share this fear, how can you alleviate it? For starters, estimate how much money you’ll need during retirement so you can plan your financial strategy.
If you haven’t retired yet, try to boost your financial resources by contributing as much as you can afford to your IRA and 401(k). And, if possible, delay taking Social Security until your full retirement age so you can collect full benefits.
You might also consider re-entering the workforce on a part-time basis. You could boost your cash flow and potentially contribute more to your retirement accounts. And when you’re retired, look for ways to cut your expenses. One possibility is downsizing your living arrangements.
Finally, see if you can adjust your investment portfolio to provide more income-producing opportunities. The more you can bolster your financial security before and during retirement, the less you may fear outliving your money.
This content was provided by Edward Jones for use by Linda Drake, your Edward Jones financial advisor at (480) 985-2651. Member SIPC.