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WHY SO MANY PEOPLE RUN OUT OF MONEY IN RETIREMENT


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Considering early retirement but worried about your savings running dry? You're not alone.

A common concern among future retirees is the fear of not having enough funds, a situation that a recent study by the Employee Benefit Research Institute found could be a reality for many, especially women, minorities, and single individuals.






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Here are some tips to dodge the common pitfalls that could lead to financial stress in your golden years:
  • Save aggressively and wisely before you retire, ensuring you have enough to live on without needing additional income.
  • Draft a retirement budget that accounts for all expenses and stick to it to manage your finances on a fixed income.
  • Inflation and medical expenses can erode your savings, so plan for these by maximizing your Social Security benefits and choosing the right insurance.
  • Adjust your investment strategy as you age to minimize risks and ensure your withdrawals don't outpace your savings.
  • Reconsider your lifestyle and spending habits in retirement to make your savings last. Cutting down on unnecessary expenses and finding joy in low-cost activities can help.
  • Be mindful of taxes on withdrawals from retirement accounts and look into rolling over funds to save on fees.
  • Avoid taking Social Security too early or relying solely on pensions; exploring annuities can provide a steady income.
  • Supporting adult children financially can drain your resources. Prioritize your financial security to ensure you don't outlive your savings.
  • Lastly, factor in occasional splurges into your retirement planning to avoid depleting your funds on big-ticket items.







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