Retirement: How are you going to do that?

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A secure and worry-free retirement is a cherished dream for millions of us. What will it take for you to achieve that dream? The experts say –


Save more than you think. Most people have not tried to estimate how much money they will need for retirement. And those who have, usually underestimate the amount they need.


Know when you will retire. Many working Americans will retire before they expect to, and before they’re ready.


Plan to live a long life and spend accordingly. Some retirees will live well beyond their life expectancy, with a great risk of outliving their savings.


Face facts about long-term care. Many people underestimate their chances of needing long-term care. Explore lower-cost plans now.


Understand your options. Should you take a pension in a lump sum or as a lifetime annuity? Talk with a financial planner (and your doctor) to decide the best option for you.


Understand your investments. Due to the growth of workplace retirement savings plans, employees are now managing investments for retirement. Need help? Get it from a trusted financial adviser.


Seek sound advice. Many retirees and pre-retirees do not seek the help of a “qualified professional.” Yet they indicate a strong desire to work with one.


Know where your retirement income is coming from. You may be disappointed in retirement if you try to live on the income that’s available.


Deal with inflation. Inflation is a fact of life. After retirement, you won’t be getting pay increases.


Provide for a surviving spouse. Many married couples fail to plan for the eventual death of one spouse before the other. This can have serious consequences, especially when the survivor is the wife.


Source: Report from LIMRA International, the Society of Actuaries and Matthew Greenwald & Associates, with research sponsored by the Society of Actuaries Committee on Post-Retirement Needs and Risks

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