Retirees risk outliving savings

By Brent Shaw, Modern Woodmen, Fraternal Financial | m.brent.shaw@mwarep.org

Jean and Carrol’s retirement savings won’t run out tomorrow, but they worry that what they spend on leisure now will rob them of money they could need for essentials later. They aren’t wrong to be concerned about outliving their nest egg either. Today’s retirees will live longer and spend more time in retirement than any other generation in American history.

Today’s retirees are living longer and spending more than they’d expected. Half of all 65-year-olds will live beyond age 90, according to the LIMRA Secure Retirement Institute. Yet, less than a third consider longevity risk to their financial security or have estimated how long their assets will last in retirement. Taking the extra steps to plan how to spend your retirement is key to having enough to last.

To read more, pick up a copy of the July/August issue of LiveIt magazine.