Outliving my retirement

This week’s article references a topic we have been reflecting on over the past few months and that is the understanding that “retirees face a number of challenges to their financial security, including living longer and facing the danger of depleting their savings too soon. The pandemic has further threatened retirement nest eggs, as a growing number of people have needed to take Social Security benefits early, before full retirement age, thus reducing those payments in the long run.” You may be interested in a study by Principal Financial Group in conjunction with the Stanford Longevity Project that discusses these and other problems that retirees face. The study discusses “at least one way this group can spend their retirement savings in a predictable and responsible fashion.” One of the answers to the challenge of a longer retirement was “widespread adoption of guaranteed retirement income products to supplement Social Security that includes purchasing annuities.” Call us if you think this is something you’d like to explore. We’re happy to give you more information and discuss the options that might work for you. We’re looking forward to speaking with you more in 2021.


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