Everyone considers, at one time or another, what it would be like to know the future—optimistic that knowing would enable them to make good decisions and avoid common pitfalls along the way. In retirement planning, this is especially true. Preparing for these possible eventualities is the next best thing.
The following outlines five common roadblocks that can disrupt your retirement, so you can plan to avoid them.
Roadblock No. 1: Outliving Your Savings
In a recent poll from Allianz Life Insurance Company, a majority of people approaching or in retirement feared running out of money more than death! Knowing how long you’ll live is one of the big mysteries of retirement planning. Thanks to healthier lifestyles and medical advances, life expectancy is increasing. Once you reach age 65, the probability you’ll live for 20 or more years is good. And if you reach age 80 or 85 and are in good health, there is still a high probability of living 10 to 15 more years.
Originally published on Kiplinger.com. Written by Scott Dougan.
