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Today, Americans are living longer — and staying healthier. That’s great news, and it also means retirement is lasting longer. You may need sufficient resources to fund the lifestyle you want for 20 or more years after you stop working. Learning about retirement income planning and savings plans is a great way to start planning for a source of retirement income.
Because of longer life expectancies, sound financial choices — before and during retirement — are more essential than ever. Saving early and regularly is just one step. Not spending too much of your retirement savings too early or too quickly is another. For example, although you can withdraw from an Individual Retirement Account without penalties beginning at age 59½, you might consider whether that’s the best plan. If you are likely to live another quarter century, you may want to consider what other options may be available before deciding to withdraw your funds.
Anticipating a long life means taking the long view in your retirement planning. Make retirement income projections that strike a balance between the risk of spending your funds too quickly (leaving yourself little to live on in later years) and spending them too slowly (unnecessarily reducing your retirement standard of living).
In addition to understanding your expected longevity, answering the following questions can bring clarity to your retirement income needs:
Answering these questions might require some research, but your reward may be greater confidence as you approach and enter retirement. A Financial Advisor can work with you to devise an appropriate retirement planning strategy that accounts for your unique goals and needs.
Every step you take today to plan for a long life can help you enter retirement with that much more confidence. Given how many retirement years you’re likely to have, it’s time well-spent.
We’re committed to helping with your financial success. Here you’ll find a wide range of helpful information, interactive tools, practical strategies, and more — all designed to help you increase your financial literacy and reach your financial goals.
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This information is provided for educational and illustrative purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Investing involves risk, including the possible loss of principal. The accuracy and completeness of this information are not guaranteed and are subject to change. Since each investor's situation is unique, you should review your specific investment objectives, risk tolerance, and liquidity needs with your financial professional to help determine an appropriate investment strategy.
Investment products and services are offered through Wells Fargo Advisors. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC (WFCS) and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.
Retirement Professionals are registered representatives of and offer brokerage products through Wells Fargo Clearing Services, LLC (WFCS). Discussions with Retirement Professionals may lead to a referral to affiliates including Wells Fargo Bank, N.A. WFCS and its associates may receive a financial or other benefit for this referral. Wells Fargo Bank, N.A. is a banking affiliate of Wells Fargo & Company.
Wells Fargo and Company and its affiliates do not provide tax or legal advice. Please consult your tax and legal advisors to determine how this information may apply to your own situation. Whether any planned tax result is realized by you depends on the specific facts of your own situation at the time your taxes are prepared.
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