One of the most important questions that retirees are considering is whether it is necessary to access retirement savings or whether outside income can help pay for some living expenses. With people living longer, there are many genuine concerns about outliving your savings. This has prompted many individuals with retirement in sight to see just how realistic their current savings plans are for the long run.
Retirement savings plans are certainly an important component of funding a modest retirement, but there is a delicate balance between planning ahead for other generations and making sure you have enough set aside for yourself. The use of trusts and identifying all accounts where a beneficiary must be named is one route to planning ahead, as well as considering whether life insurance policies could pay out during your life, too.
Make sure you set aside some time with your financial advisor to discuss your retirement planning and how that actually translates to what your retired life will look like. Understanding typical monthly expenses and how longevity may affect your plans can help you course correct or identify other options, if necessary.
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