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Traditionally this is done with awell-diversified equities portfolio.
Additionally, retirees should evaluate their overall spending plan.
So youre looking at a 30% increase if you wait to take Social Security until full retirement age.
If you wait even longer, until 70, yourSocial Security incomewill grow by 8% a year.
The delayed retirement credits make a big difference, he emphasized.
So thats pretty powerful when youre looking at Social Security that way.
While longer lives is good news, it also means that your money has to last longer in retirement.
Because if something happens to the higher-earning spouse, the other spouse will get that higher benefit.
A lot of times people havent thought about that.
So budgeting is very important, Doherty said.
So youll spend in retirement what you spend now, Doherty said.
Dont think youre going to spend that much less in retirement.
You might not be commuting as much, but youre going to have to lunch more.
Youre not going to need work clothes, but youre buyingsneakers or gym clothes.
Budgeting Is Key
Budgeting is very important before and in retirement, Doherty stressed.
Your investments wont keep up withinflation and withdrawal rates.
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