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Making Your Assets Last Longer

Concerned about outliving or depleting your retirement portfolio? Here are 3 possible strategies to make your assets last longer :

Spend less

You can take less money out of your portfolio. However, reducing your spending may mean lowering your quality of life. Also complicating matters is the fact that certain costs, such as medical expenses, historically rise each year. This option may be impractical.

Work longer

Many people choose to work beyond the traditional retirement age of 65 by staying in their jobs or switching to part-time work. Depending on your health, your skills, and where you live, however, this may not be an option. request info quote

Take More Risk

As you get older, the last thing most people want to avoid is added risk to their investment portfolio. Some may decide to invest in bond or bond type investments or do a mixture of bonds and stocks. Although these method may give you good results, they can also be very detrimental to your overall personal and financial picture. Why take  the risk if you do not have to?

Get a guaranteed income stream

A more realistic alternative may be to select an income annuity with a portion of your retirement assets. With fixed payments, you'll know that your regular, month-to-month expenses can be taken care of no matter how long you live or how the financial markets perform. For example, if your income from Social Security and other sources is not enough to cover your basic everyday expenses, such as food and utilities, you can set up an income stream to fill the gap. Receive more information about Lifetime Income Programs