Enter the current era…Social Security is under economic pressure; defined pensions (those that a company offered its employees) are headed for extinction; and personal savings for retirement are almost non-existent for many Americans.
This is indeed a wobbly three-legged stool that people contemplating retirement are perched upon.
Add to the mix is that statistics show that our retirement years are likely to span a much longer period than ever before…people are just living longer.
According to some statistics, less than half of Americans who are approaching retirement have any estimate of how many years their assets will last. Less than 40% have a plan as to how they will generate additional income, so that they will not outlive their money.
The first step might be to face the realities of the three legged stool.
If you have a decade or more before retirement, you will need a financial plan to increase individual IRA contributions and retirement savings accounts.
If you are closer to retirement, putting a plan in place to stretch your retirement dollars: by downsizing; delaying retirement; delaying Social Security benefits; and finding part-time employment after retirement - are all methods to cope with the realities of maintaining a happy retirement.
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