“Older Americans Are More Afraid of Running Out of Money Than Death,” according to a Fox News article I read this week.
I have to admit, I’m a little tired of articles with come-on titles and no helpful advice.
There’s only one vehicle that an individual can purchase with personal savings that lasts for life – an income annuity.
Find out what your Income Power is, and then decide if you have enough so you can leave a legacy.
The order you want to plan for is: lifetime income, followed by liquidity for emergencies and finally a legacy for the kids.
Another article, “Early Retirement Planning Can Aid Mental Health,” gives more reasons for planning for your retirement in your 50s. It seems that it improves your psychological outlook.
Our view has always been that early retirement planning improves your financial outlook, whether it be smarter investing, or tax and legacy planning.
Maybe, just maybe, these two benefits are linked together. We all know the stress that current money woes can present. Planning ahead for retirement can definitely reduce that future money stress.