Ashley Temer is a Financial Representative with Northwestern Mutual who helps professionals, families, and business owners plan for financial security. She’s here for your “Money Minute.”
You’ll spend decades saving for retirement, but living the life you envisioned while you’re in retirement can take more than setting aside a certain amount of money during your working years. There are steps to take today to minimize the risk that can impact your financial security in retirement.
The first risk is longevity. People are living longer, putting you at risk for outliving your retirement savings. The second risk is market volatility. No one can predict the ups and downs of the market, which can significantly impact how long your money will last. The third risk is inflation & taxes. Both can have an enormous impact on your purchasing power in your retirement. The fourth risk is healthcare. Most people assume they’ll be covered by medicare, but it actually covers a portion of your expenses. The fifth risk is long-term care expenses, another cost that is not covered. Finally, the last risk is leaving a legacy. Plan now for what you want to leave your loved ones.
There are steps you can take today to minimize the common risks.