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But therein lies the problem how long will that likely be?
Underestimating the length of your retirement can leave you struggling to make ends meet in your later years.
One major pitfall is assuming youll be able to work until you decide to retire.
While this may have once been the case, present-day reality suggests it may not be that simple.
There are also the realities of aging to contend with.
The downside here is that this makes it nearly impossible to rely on statistical averages.
Instead of aiming for anaverage life expectancyof 77.5 years, plan on living to be 100.
Youll also want to take a strategic approach to withdrawing from your retirement savings.
Then use that information to adjust the amount you withdraw every year.
Adopting amore flexible and responsive approachto managing your retirement funds is also a good idea.
As with anyinvestment, diversification is key.
Make a plan for retirement income that can supplement savings and Social Security benefits.
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