• Refine your goal. You may have to live a less expensive lifestyle in retirement.
• Delay taking Social Security. Benefits will be higher when you start taking them.
• Make use of your home. Rent out a room or move to a less expensive home and save the profi ts.
• Sell assets that are not producing much income or growth, such as undeveloped land or a va ca tion home, and invest in income-producing assets.
How long will I live in retirement?
What other sources of income will I have?
Based on current estimates, a male retiring at age
You can get your Social Security statement and an
65 today can expect to live approximately 18 years in
estimate of your retirement benefits on the Social
Security Administration’s Web site, www.socialsecurity.
gov/mystatement. For more information, visit their website or call 800-772-1213.
8
AVOIDING FINANCIAL
ASETBACKS
Will you have other sources of
income?
For instance, will you receive
retirement benefits that provide a
specific amount of retirement income
each month? Is the benefit adjusted
for inflation?
What savings do I already have
for retirement?
You’ll need to build a nest egg
sufficient to make up the gap
between the total amount of income
you will need each year and the
amount provided annually by Social
Security and any retirement income.
This nest egg will come from your
retirement plan accounts at work,
IRAs, annuities, and personal savings.