Retirement Spending

  • Saving can be hard. And retirement is getting closer. It might be time to think about whether you’ve saved enough money for retirement, and how to make your money last.

    A helpful starting point for a retirement plan takes into account your goals and the lifestyle you want when you retire. Think about whether you intend to spend more or less than you make now.

    Consider all your potential future sources of income, including social security savings and other income you plan to receive.

    Ask yourself if this combination of income is enough. Think about whether you’ll need to work longer, or generate additional income now, so that you’ll have adequate savings for retirement.

    You’ll also want to have a plan in place if and when the markets become volatile.

    As the transition into retirement nears, it’s helpful to think about how you can responsibly spend your savings in retirement, while making it last.

    One of the most difficult choices you may have to make in retirement is how to take income from your savings while leaving, and even growing, assets you may need in the future.

    Thankfully, you don’t have to do it alone; there are resources that can help!

    BlackRock’s LifePath Spending Tool can help you understand your estimated spending potential year-over-year in retirement.

    It uses your age, savings, and portfolio allocation-- and gives you the option to add social security income-- to estimate your year-over-year spending potential.

    These projections can help inform your spending decisions throughout retirement.

    Taking the time to plan today...can help you enjoy a one-of-a-kind retirement tomorrow.

    Visit your retirement plan website to learn more today.