Financial Health
Rules for a Financially Secure Retirement…Do They Exist?
Dec 13, 2013 - 5:00:02 PM

( - The general increase in life expectancy over the past decade has resulted in a burgeoning interest in retirement planning. While many of us may have an idea of where and when we want to retire, the general consensus is that aging adults simply are not saving enough to ensure a comfortable retirement. Why? Well, for one thing there is no magic, one-size-fits-all number-your nest egg depends on your current age, your expected retirement age, life expectancy, current income, risk tolerance and inflation, among other variables.

Still, there are rough guidelines you can follow to prepare for a happy, healthy retirement:

Many financial advisors recommend creating multiple plans to account for various situations, such as needing long-term medical care for yourself or a partner or needing to make a major purchase such as a new car or roof. Further, financial plans should be viewed as dynamic-they should be reassessed every few years and updated to reflect any changes.

On a related note, it is important to increase awareness around fraud as seniors are one of the highest risk groups for financial abuse. The Certified Financial Planner Board of Standards' Financial Self-defense for Seniors provides a wonderful overview of "financial self-defense" with specific information on how to identify and avoid scams.

Do you have any retirement saving tips?

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