Getting To and Through Retirement
Learn strategies for turning your money into a stream of retirement income that lasts as long as you do.
Whether you’re years away from retirement or knocking on its door, you know ... funding it is far different than it was for your parents or grandparents.
Today, you’re responsible for creating your own paycheck in retirement. But even if you’ve been diligent about saving, the strategies you use to get to retirement are not the same strategies you’ll need to make sure your money lasts through retirement.
Many people are focused on saving a certain amount, but they don’t think about what they’re going to do with that money once they reach retirement.
It’s kind of like climbing Mt. Everest. Most climbers spend years preparing for the challenge. But even when they finally reach the summit, the challenge isn’t over. More than 80 percent of the accidents on Mt. Everest happen on the way down1 because climbers don’t always prepare for what happens after they reach their goal.
The same holds true for retirement income. You may reach your goal of accumulating savings. But then what? There are still challenges ahead.
It used to be that once you reached retirement, you could simply withdraw 4 percent of your savings every year and not worry much about running out of money. Not so, these days.
The ups and downs of the market create uncertainty. And that can be risky when withdrawing a certain percentage each year. Plus, the order in which you withdraw your money—from tax-qualified and taxable accounts—can significantly impact your income.
And there’s a good chance you’ll live longer than your parents or grandparents ... and will need to fund a longer retirement. So how can you help make your money last? Start planning now. Don’t wait until you’re at the summit to prepare for getting down the mountain safely … and don’t do it alone.
Take the first step today to turn your money into a steady stream of retirement income that lasts as long as you do. Create a personalized retirement income plan … with an experienced partner who knows that the strategies for getting you to and through retirement are different and who has the expertise and resources to make it happen.
1Death on the Mountain, National Post 2012