Living Longer Means More Income Needs

On average, women in the U.S. live longer than their male counterparts, making outliving their income in retirement a very real possibility for many.

According to a 2019 study from T. Rowe Price measuring gender and retirement:

• 43% of women believe they will have enough money to pay for healthcare in retirement.
• 30% believe they will live as well or better than they did while working.
• 31% believe they will run out of money.
• 46% believe they will have to reduce their standard of living.
• 54% believe they will have to work at least part-time in retirement.

Numerous factors and complex calculations go into determining how long your income may last, including your savings rate, portfolio asset allocation, tolerance for risk, and when you retire. With the help of sophisticated scenario strategy software, we can collaborate on a comprehensive strategy based on realistic projections for how long your income may last, and then monitor and adjust your strategy as needed to help keep you on track.

If you’d like to learn more about strategies to manage longevity and other financial challenges in retirement, call the office at any time to schedule an appointment.

*https://www.troweprice.com/content/dam/trowecorp/RSS4%20Gender%20Differences%20Deck_FINAL.pdf

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