Back when Baby Boomers were still in our Wonder Years, the average life expectancy was right around 65 years. Well, the Greatest Generation blew past that like it didn’t exist and life expectancies just keep getting longer. So, we thought you’d probably like a few tips that will help ensure you don’t outlive your money.
- Keep Working – Because birth rates declined in the U.S. many of us have found that there is not pressure from business to take retirement at 65. But even if working 9 to 5 isn’t what you really want, why not take some part-time work? Sure, you’ll only be earning less, but every dollar is a dollar of your retirement funds you don’t have to touch.
- Consolidate Your Retirement Accounts – the experts say it’s much easier to keep track of your money if it’s spread around fewer places. Also, you may be able to reduce some of the fees charged by money managers as you reduce your number of accounts. Firms may also offer additional discounts for larger accounts.
- Reconsider Major Expenses – This includes dropping a bundle on one of children’s weddings or helping with a grandchild’s college tuition. We’re not saying be a Scrooge, but if you run out of money, you’ll wind up becoming a financial burden to someone else, and we’re sure you want to avoid that.