Will your money outlive you, or will you outlive your money?

Planning Matters

This is the most important question you should be asking yourself.

And don’t worry. You are not alone if you don’t know the answer. None of your friends do either.

On average, if you are a non-smoking couple who plans to retire at the age of 62 (or if you passed this age and are lucky enough to have already retired) you have a joint life expectancy of 30 years. That means one of you will most likely live past the age of 92.

Over that period, if inflation is at 3%, an equivalent visa bill of $10,000 at retirement will be close to $24,000 thirty years later.

If you do not have a plan to increase your income throughout your retirement, then you are essentially following a plan to run out of money.