Tuesday, March 25, 2014
An important issue in retirement planning is ensuring that the saved funds will last throughout retirement. With life expectancy difficult to account for, there are five things that can be done to limit the possibility of a person outliving their retirement savings.
- Wait till age 70 to claim Social Security benefits
- Annuitize part of retirement assets to receive lifetime income
- Purchase an Advanced Life Delayed Annuity
- Create a rainy day fund by setting aside assets
- Execute a reverse mortgage
See Kenn Tacchio, 5 Ways to Address Living Too Long in Retirement, Market Watch, Mar. 6, 2014.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.