In one of the recent issues of Money Magazine, a special insert was placed in the middle of the magazine. It was titled Tapping Your Nest Egg and dealt with the keys to making sure your money lasts as long as you do. Over the next few days, I'll be sharing some of the key thoughts from this insert.
In today's post, we'll cover the fact that you'll likely live a long time in retirement and thus need to plan accordingly. Here's Money's advice:
"You have a good chance of living 30 or more years in retirement -- good reason to manage your nest egg so you don't run out of money before you run out of time."
The article goes on to show a chart that is quite compelling. If you're 70 years old, you have a 90% chance of living until you're 80, a 60% chance of living until 90, and a 10% chance of living until 100. (These are rough percentages -- I'm reading off a chart.)
Even if these numbers are off a bit, the point is well taken: be sure you save enough to last a good, long time while in retirement. Odds are that you're going to need it.
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