The idea of retirement certainly sounds good to a lot of people, but those that are considering it should have a plan in place beforehand to help reduce the possibility of outliving their retirement money. Social Security benefits alone are not going to be enough, and with many companies abandoning traditional pension plans it puts much of this responsibility on the individual. Here are some positive steps that can be taken for those looking to retire in the near future:
- Consult with a financial adviser to see if your retirement assets are allocated properly.
- Once retired, withdraw very conservatively from your retirement accounts (about four or five percent annually is recommended).
- Considering buying a long-term care insurance policy, which covers nursing home and other long-term medical care expenses.