Outliving retirement savings is a common fear among retirees. In a time when people are living longer, one out of two people surveyed (including millionaires) said they’re worried they’ll outlive their retirement savings. Retiring early was popular in the 1980’s and 1990’s but, today, experts say those who take early retirement will come to regret it.

At age 59 ½ or younger, an individual hasn’t saved enough for retirement and they’re not yet able to receive Social Security benefits. To retire early, a person will need to tap into savings and investments to make ends meet, which will cause retirement savings to dwindle at a time when they could still be working, saving, and investing. Early retirement made sense when the average life expectancy was 70 but, with advances in medicine, people in the U.S. are living well into their 80’s.

The cost of healthcare, not sticking to a budget, poor investment management, and not taking taxes and inflation into consideration are reasons why people outlive their retirement savings. But the main reason is they didn’t think things through, and they didn’t have the right help and advice when planning for retirement and investing for their future. Alloy Wealth Management is committed to helping pre-retirees and retirees make sound decisions that positively impact their financial futures. Call 800-689-3935 to speak with one of our team members.