Whether you’re retired or just planning for retirement, consider these key signs you may run out of money from Yahoo Finance. if your expenses exceed what you budgeted.
First, remember people today are living longer than in the past. Saving enough to cover 20 years in retirement just may not work. Also, rising healthcare costs and the growing need for long-term care can blow a hole in your nest egg. Other cost drivers can be inflation, increased taxes, investment advisors’ fees, and fluctuations in financial markets.
Family considerations come into play as well. People do get divorced, which can lead to half their savings going away. Others loan money to their children or spend too much spoiling grandchildren.
Changing spending habits can lead to withdrawing too much money too soon from investment accounts, as will taking on new debt and having to spend on big ticket items such as significant home repairs and maintenance. The key is accessing and anticipating all the variables for your retirement and recognizing the signs of trouble.
You Deserve the Money You Earned
Extra income during retirement can offset what you haven’t planned for. That’s why here at Council of Seniors, we’re calling on Congress to pass The SAVE Benefits Act. If passed, eligible seniors will be given back $581, which will make up for the low Social Security cost of living adjustments (COLAs) over a series of years. However, you can be sure greedy politicians are doing all they can to keep this money in Washington, even though it belongs to those who worked hard for it.
Signing our petition will help us show the Congress just how many people support this important bill.
Have you considered all the variables affecting retirement? Leave us a comment and let us know.
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