How to Ensure You Don’t Run Out of Money in Retirement – Episode 14
Welcome back to Your Retirement Blueprint! In today’s episode, after answering a question about whether or not to move a 401(k) after leaving a job, we dive into how to help ensure you don’t run out of money in retirement.
Looking through a recent survey of what current retirees want future retirees to know, Phil and Kendall are covering some common misconceptions, necessary strategy shifts for retirement plans, and more.
Thank you for listening and watching!
1) No one ever feels like they have too much money. No matter how much you have in your bucket, it always feels like there’s room for more. Starting early with saving and investing helps you increase the size of your “bucket” so there’s less risk for you to overspend on what you have set aside for retirement.
2) The earlier you start saving and investing, the better. Compound interest is your friend! The earlier in life you can start saving your money, the more time can work on your side to multiply your dollars.
3) Consider all the factors of retirement as you’re making your plan. Too often, people don’t consider “fun money,” taxes, long-term care, and more as they’re making their plan, which can cause them to end up spending more each month than they planned for.
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