Are you afraid of running out of money in retirement? With people living longer than ever before, it's a valid concern.
Having a long and healthy life is a fantastic thing. Your time in retirement should be spent enjoying it and not worrying about whether or not your assets will last. Here are five strategies that can help you alleviate your fears.
1. Set up and follow a budget
2. Save more money before retiring
3. Continue investing for growth
4. Create multiple income streams
As long as you qualify for Social Security, you will be eligible for income benefits as early as 62 years old. But Social Security will probably only replace about 40% of your income, and many experts agree that you should replace at least 80% of your pre-retirement income.