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Will My Current Savings Last?
Although most Americans are satisfied with the current state of their finances, many retirees fear they might run out of money. If your nest egg is depleted, you will certainly lose your independence and your choices will narrow.
To answer this question for yourself, take into consideration the following:
- What is your life expectancy? Check out www.livingto100.com
- How much money would you need or like to live on?
- Can any expenses be eliminated to increase the longevity of your savings?
- Will your financial needs change over time? If so, when and by how much?
- What is your risk tolerance? Are you comfortable investing your long-term money in stocks? Although stocks are riskier than bonds, they could offer a potential for higher returns. Your risk tolerance is an important factor of any financial analysis.
After you have determined the answers to these questions, the best thing to do is sit down with your . Online retirement calculators are useful for rough estimates, however a decision of this magnitude deserves professional advice and there are no one-size-fits-all answers to these questions.
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