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Common Retirement Mistakes: Outliving Your Money
From:
Mark Singer -- Retirement Expert Mark Singer -- Retirement Expert
Boston, MA
Wednesday, December 26, 2012


Mark Singer CFP®
 
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What are the retirement mistakes everyone should try to avoid? One of the biggest is outliving your money, according to Mark Singer CFP®.

People are living longer than ever. A man who turns 65 today can expect to live until age 83, while a woman of the same age can expect to reach age 85, according to the Social Security Administration. That's great news. But when it comes to funding a retirement that could last decades, a long life expectancy could actually be a problem. That's because the longer you're retired, the more money you'll need to save to fund that retirement.

How can you minimize the danger of running out of money in retirement? When developing your own personalized retirement roadmap, you need to know what your cash flow needs will be after you stop working. "Cash is king in retirement," says Singer.

When you retire, you also need to make sure that you continue to actively manage your assets. In addition, as you make withdrawals from your retirement accounts, you need to do that in a tax-efficient way. However, the best way to reduce the risk of outliving your money in retirement is to work with an experienced financial advisor who can help you develop your own personalized retirement roadmap.

To learn more about the danger of outliving your money, watch the following video:

https://www.youtube.com/watch?v=uPceuMf1Sl0&list=UUmVm6e6c604JVkssZEB9HyA&index=1

Mark Singer is a CERTIFIED FINANCIAL PLANNER™ professional and the author of The Changing Landscape of Retirement—What You Don't Know Could Hurt You. He has been The Retirement Guide to thousands of investors for close to 25 years and is the creator of the Retirement Roadmap and the Financial Organizer System, both of which contribute to a solution to investors' greatest concerns—properly coordinating their financial affairs.

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