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Understanding the risk factors that can come between you and your ability to retire how and when you want is an important step toward meeting your retirement goals. To help increase the likelihood that you’ll have the funds you need when you reach retirement age, keep these four risk factors in mind:
While none of us can predict how long we’ll live, individuals at age 65 have a high probability of spending 20 years or more in retirement. As life spans increase, many people may spend more time in retirement than they spent working.
The longer your time in retirement, the greater the potential that inflation may erode your savings and impact your lifestyle. This makes it important for you to develop an income strategy to help outpace inflation and keep up with the increasing cost of goods and services. Consider this:
Today’s financial markets have become increasingly volatile and complex, leaving many people wondering when they’ll be able to retire and how long their retirement assets will last.
Your withdrawal strategy – the rate at which you draw down savings and investment assets to pay for current living expenses in retirement – plays a critical role in determining how long your income will last. For most individuals, an essential part of retirement income planning is determining an appropriate withdrawal or spending strategy.
Being aware of these risks can help you plan proactively and be better prepared when you reach your target retirement date.
Find out with My Retirement Plan, an online tool that makes it easy to see if you are on track. After you answer a few questions, My Retirement Plan will calculate your retirement savings goal and recommend personalized next steps.
Social Security Administration, Actuarial Study Number 120, Table 10, Life Tables for the United States Department of The Treasury, Internal Revenue Service; Publication 590: Individual Retirement Arrangements (IRAs) For Use in Preparing 2011 Returns, pp. 86-87, Single Life Expectancy Table.
This article has been prepared for informational purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. The accuracy and completeness of this information is not guaranteed and is subject to change. Since each investor’s situation is unique you need to review your specific investment objectives, risk tolerance and liquidity needs with your financial professional(s) before a suitable investment strategy can be selected. Also, since Wells Fargo Advisors does not provide tax or legal advice, investors need to consult with their own tax and legal advisors before taking any action that may have tax or legal consequences.
Retirement Professionals are registered representatives of Wells Fargo Advisors, LLC. Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company. Discussions with Retirement Professionals may lead to a referral to Wells Fargo Advisors’ affiliates including Wells Fargo Bank, N.A. Wells Fargo Advisors and its associates may receive a financial or other benefit for this referral.