Will you have enough money for retirement?

BURLINGTON, Mass. - Sept. 19, 2013 - PRLog -- Three Basic Questions

As you approach or enter retirement, your mindset needs to begin to move from accumulation to distribution. That's what retirement income planning is all about--understanding how much annual income you'll need during your retirement years to support the lifestyle that you want, and positioning your assets to provide that income. Up-front planning is important because the consequences of a bad decision can be severe. Draw too heavily on your savings and investments in the early years of your retirement and you run the risk of depleting your funds too quickly, leaving nothing for your later years.

The planning process begins with just a few simple questions.

What does retirement mean to you?

What is it that you want and expect in retirement? Do you see yourself pursuing hobbies? Traveling? Do you plan on volunteering your time, taking the opportunity to go back to school, or perhaps starting a new career? Examine your expectations carefully; your retirement income plan is just a means to financially support the lifestyle that you want.

When do you want to retire?

The age at which you begin relying on retirement income can have a significant impact on your overall financial situation, so you'll want to make sure that you've considered your decision from every angle. As you'll see, there are many factors to consider.

How long will your retirement last?

The good news is that, statistically, you're going to live for a long time. That's also the bad news, though, because that means your retirement income plan has to be able to provide for your needs over--potentially--a very long period of time.

How long? The average 65-year-old American can expect to live for approximately 19.2 additional years. (Source: National Vital Statistics Report, Volume 61, Number 6, October 2012.) And keep in mind that life expectancy has increased at a steady pace over the years and is likely to continue to do so.

The bottom line: you may want to plan for retirement income to last 25 years or more.

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