Getting over the fear of spending down in retirement

You save for retirement, so when the time comes you can savor it. Good preparation can go a long way.

Today more people are living longer – and the likelihood of living even longer increases for those who make it to retirement age.

Here’s a look at how longevity plays a factor in retirement spending. So, when your golden years arrive, you can be prepared to confidently move forward with your life.

For example, a 65-year-old man has a 50 percent chance of living to age 89 and a 25 percent chance of living to age 94. Women, on average, are outliving men: A 65-year-old woman has a 50 percent chance of living to age 91 and a 25 percent chance of living to age 96. For those who are part of a couple and reach the age of 65, at least one is likely to live to the ripe old age of 94 (50 percent) or 98 (25 percent).1

With the possibility of living for 30 years (or longer) after you retire, there’s a lot to consider.

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