Most likely, our greatest fear as we are nearing or in retirement can be stated in 8 simple words: “Will I run out of money in retirement?” I can see the wrinkled nose and sweaty palms start to kick in as the stress levels rise after someone asks that question. Moreover, it’s not an easy quantifiable answer. It’s better addressed as “it depends” since it is dependent on various moving parts such as interest rates, inflation, withdrawals, etc. that muddies the income and savings waters.
As a Retirement Counselor, I have to sit back, take a deep breath, and then start to outline the events and circumstances that “could” result in a shortfall of money during your retirement. In this article, I will explain a few of these, along with some ‘traps’ and ‘potholes’ to look out for on the road to (and in) retirement. Continue reading ‘Will You Run Out of Money in Retirement?’ »