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Understanding the risk factors that can come between you and your ability to retire how and when you want is an important step toward meeting your retirement goals. To help increase the likelihood that you’ll have the funds you need when you reach retirement age, keep these four risk factors in mind:
While none of us can predict how long we’ll live, as life spans increase, many people may spend more time in retirement than they spent working. According to the Social Security Administration, about 1 out of 3 65-year-olds today will live until at least age 90 and 1 out of 7 will live until at least age 95.
The longer your time in retirement, the greater the potential that inflation may erode your savings' purchasing power and impact your lifestyle. This makes it important for you to develop an income strategy to help outpace inflation and keep up with the increasing cost of goods and services. Consider this:
Today’s financial markets have become increasingly volatile and complex, which can create uncertainty for older Americans wondering when they’ll be able to retire and how long their retirement assets will last.
Your withdrawal strategy – the rate at which you draw down savings and investment assets to pay for current living expenses in retirement – plays a critical role in determining how long your income will last. For most individuals, an essential part of retirement income planning is determining an appropriate withdrawal or spending strategy. This strategy may need to be flexible to account for the variation of the other risk factors in order to potentially meet your retirement goals.
Being aware of these risks can help you plan proactively and be better prepared financially for retirement.
"When to Start Receiving Retirement Benefits." Social Security Administration. May 2024.
U.S. Bureau of Labor Statistics, Average price data 2024
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