Grimag

  • Personal Finance
  • Retirement
  • Investing
  • Small Business
  • Curiosities
Home 2019 January 15 These 15 Reasons Can Get You Broke During Retirement

These 15 Reasons Can Get You Broke During Retirement

You Live Too Long

My parents are in their late 80s and in reasonably good health. They’ve far outlived their parents. With good planning and careful spending, they have enough money to live comfortably. For some boomers like me who are hand-wringing over retirement, that may not be the case; living a long life may actually be a financial liability.

“The good news is that people are living longer than ever before, so it’s widely recommended you plan for at least a 30-year retirement,” says Schwab-Pomerantz. More good news: Americans are starting to get down with that. Most workers polled by Transamerica said they expect to live to age 90, up from age 86 a year earlier.

But are they saving enough? The survey found that the average household had socked away $71,000 for retirement. That amount is up slightly from a year earlier, but alone it’s not enough to fund three decades of retirement. Social Security benefits will help, as will a pension if you have one. Downsizing your home and retiring in a cheaper state can help, too, as can locking in additional income for life from a deferred income annuity or qualified longevity annuity contract (QLAC).

Jan 15, 2019Tudor Zaharia
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

123 4 5678910111213141516
Best Places to Retire in USA With Less Than $45K/Year18 Cheap Places to Retire Near the Beach in USA
Loading...
Terms and Conditions    Privacy Policy  Unsubscribe  Contact
CA Privacy Policy  Request to Know  Request to Delete  Powered by IneditAgency
Cleverfinance.net is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com. *Amazon and the Amazon logo are trademarks of Amazon.com, Inc., or its affiliates.
Additionally, Cleverfinance.net participates in various other affiliate programs, and we sometimes get a commission through purchases made through our links.
2019 © Clever Finance