Retirement: The way it was
- Collected a pension from the company where you worked for 40 years
- Received a check from Social Security to supplement monthly income
- Former employer and Medicare covered costs of health care
Retirement: The way it is (Due to advances in health care, retirees are living longer)
- Drawing monthly income from IRAs and 401k plans (which replaced pension plans and do not guarantee a stream of income)
- Many work part time as long as they are able to supplement income
- Health care costs are covered in part by Medicare and former employer, the rest comes out of pocket
*** Current Retirement Risks ***
Excessive Withdrawal Inflation Lack of Diversification Longevity
45 yrs. old - Still in workforce
- Are you saving enough?
- Job changes have left you with several old 401(k)s
- Accounts haven't been reviewed for objectives/market fluctuations
55 yrs. old - At end of working career
- Can you maintain your ideal standard of living?
- Making income last for the rest of life
- Take care of your spouse should you die first
65 yrs. old - Retired, possibly alone
- Maintaining a current standard of living
- Make sure income will last
- Take care of your beneficiaries
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