• Question
  • Running out of money

    Asked by a 85 year old woman from Parrish, FL on 6/12/2012

    How do I do this , I am running of money.

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  • Categories: Retirement Planning, Out of Money

Answers

  • Editorial 


    NewRetirement

    San Francisco, CA

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  • Unfortunately, you are not alone in facing the reality of running out of money for retirement.

    We hope that you found the NewRetirement Retirement Calculator useful and that you were able to find estimates for when you might actually run out and how you could delay that event.

    Log into the Calculator here: https://www.newretirement.com/retirement-calculator/default.aspx

    A recent study from the Center for Retirement Research at Boston College ( http://crr.bc.edu/wp-content/uploads/2012/06/IB_12-11-508.pdf ) found that:
    --- Seventy four percent of all households who retire at age 62 fall short of having adequate assets for retirement.
    -- Delaying retirement to age 67 dramatically reduces this figure to 47 percent.

    That means that the MAJORITY of households are actually running out of money!!!

    The same study suggested that retirees could dramatically help their situation by:
    -- Working longer (If you are already retired, have you considered a part time job?)
    ----- > Learn more here: http://www.newretirement.com/Services/Working_In_Retirement.aspx

    -- Delaying the start of Social Security
    ----- > https://www.newretirement.com/social-security-marketplace.aspx

    -- Reducing household expenses
    ----- > http://www.newretirement.com/Services/Reducing_Expenses_to_Insure_Retirement_Security.aspx

    -- Using Home Equity by securing a Reverse Mortgage
    ----- > Get a loan estimate here: https://www.newretirement.com/reverse-mortgage-marketplace.aspx

  • Login to rate this answer:   Answered on 6/12/2012
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.