Income for Life Planning
One of the greatest challenges in retirement is figuring out how to convert a pile of savings accumulated over a lifetime into a monthly stream of income that you can’t outlive. The issue is gaining new urgency as the oldest of the baby-boomers start turning 65 this year. They are ushering in a new era in which retirees must anticipate longer life spans, stock market volatility, low interest rates on savings and rising health care costs.
For many new and soon-to-be retirees, there are no precedents or guideposts for these financial decisions. It’s not like your parents’ retirement, when people simply signed up for Social Security benefits and, if they were lucky, collected a pension. Many boomers have worked for numerous companies during their careers and have retirement savings stashed in a variety of accounts. But most are unlikely to be covered by a pension or retiree health benefits. We help you to figure out how to stretch your savings over a retirement that could potentially last 30 years or more.