Social Security Report

You’ve reached your goal: after years of flying, you are ready to retire. Your retirement party is looming, friends and colleagues are wishing you well. And then the uncertainty hits you. You’re off the payroll. I often am asked about the best strategy to generate income from retirement savings and other sources in retirement. In addition, many retirees, even those who have planned well, worry about where their income will come from after they stop working. Although a 2014 survey by the Employee Benefit Research Institute showed that confidence is growing among retirees concerning their ability to be comfortable in retirement, many still are worried about outliving their savings. A 2013 Wells Fargo/Gallup survey revealed that 35 percent of retirees fear running out of money. This concern likely is, in part, because people are living long into retirement. The most recent figures for life expectancy from the American Society of Actuaries show that women age 65 have a life expectancy of 23.8 years; for men age 65, it’s 21.6 years. Read more…