• Question
  • will I run out of money

    Asked by a 81 year old man from Ogdensburg, NY on 2/14/2013

    will I run out of money

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  • Categories: Retirement Planning, Out of Money

Answers

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  • To determine how long your current savings will last, determine your sources of income, which include investment portfolios, social security benefits, and any retirement savings you may have. There are also a few other factors to consider, which are your standard of living, retirement goals, insurance, and normal monthly expenses. Retirement goals vary between individuals. Some individuals choose to travel upon retirement, so they incur greater expenses. Common expenses include mortgage payments, monthly bills, car payments, groceries, insurance payments, personal gifts and entertainment, and taxes. Once you have
    determined your current and projected expenses, you should be able to calculate how much money you will need on a monthly or yearly basis.

    The NewRetirement calculator can help assess your situation and determine how much money you will need each month to cover expenses. The link to the calculator is https://www.newretirement.com/retirement-calculator/default.aspx.

    Also, the following article provides general ideas of how to live within a budget during retirement. Some of the topics discussed throughout the article may be helpful in determining expenses. http://www.newretirement.com/services/Reducing_Expenses_to_Insure_Retirement_Security.aspx

    This answer is provided as general information only and provided by Master’s students pursuing a degree in Personal Financial Planning at Texas Tech University. 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 PlannerTM as to your unique financial situation.

  • Login to rate this answer:   Answered on 4/24/2013
**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.