Broker Check
Living Longer Means More Income Needs

Living Longer Means More Income Needs

May 07, 2024

On average, women in the U.S. live longer than their male counterparts, making outliving their income in retirement a very real possibility for many.

According to a 2019 study from T. Rowe Price measuring gender and retirement:

  • 43% of women believe they will have enough money to pay for healthcare in retirement.
  • 30% believe they will live as well or better than they did while working.
  • 31% believe they will run out of money.
  • 46% believe they will have to reduce their standard of living.
  • 54% believe they will have to work at least part-time in retirement.

Numerous factors and complex calculations go into determining how long your income may last, including your savings rate, portfolio asset allocation, tolerance for risk, and when you retire. With the help of sophisticated scenario strategy software, we can collaborate on a comprehensive strategy based on realistic projections for how long your income may last, and then monitor and adjust your strategy as needed to help keep you on track. 

We take a holistic approach to helping our clients devise a sound financial plan by utilizing the following 7 steps:

  1. Understanding your current financial situation
  2. Developing your financial goals
  3. Analyzing your current course of action
  4. Evaluating different strategies and recommendations
  5. Presenting recommendations and alternative courses of action
  6. Implementing your financial plan
  7. Monitoring progress on an ongoing basis

If you’d like to learn more about strategies to manage longevity and other financial challenges in retirement, Riggle Wealth Group is ready to be your partner in developing a financial planning strategy to help you achieve your goals. Email me directly at andrewriggle@rigglewealth.com or call the office at 717-630-1001. I look forward to connecting with you and hearing about your goals for today and into retirement. 

*https://www.troweprice.com/content/dam/trowecorp/RSS4%20Gender%20Differences%20Deck_FINAL.pdf

The views stated in this letter are not necessarily the opinion of Cetera Advisor Networks LLC. Information is based on sources believed to be reliable═ż however, their accuracy or completeness cannot be guaranteed.