Tuesday, November 10, 2015

Why You Should Target Retirement Income Instead of Retirement Savings

A more realistic way of planning

How long will you live? How long will your money last? These questions lie at the heart of retirement planning, and yet most people have unrealistic views of both. One result is that they enter retirement grossly undersaved.

Many people believe they won’t live past 80, says Chip Castille, chief retirement strategist at investment manager BlackRock. But with a 65-year-old couple, one is nearly a lock to make it to 85, and there is an 18% chance one will make it to 95.

Likewise, people tend to overestimate how far their money will go. The average boomer aged 55-65 plans to have $45,500 in annual retirement income, one survey found. Yet the average nest egg of this group is just $132,000. By BlackRock’s estimate, that would generate only $9,129 of guaranteed lifetime annual income.


Read more here:  http://time.com/money/4095927/retirement-income-savings/

 

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