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Make Your Nest Egg Last a Lifetime
AARP Challenges Conventional Retirement Planning Wisdom
AARP Public Policy Institute Examines How to Make Your Nest Egg Last a Lifetime
Washington, DC, September 14, 2009 – As increasing numbers of Americans consider retirement, many are not only worried about saving enough, but how to make their savings last throughout retirement. Today, AARP releases two documents examining and challenging the rules of thumb when it comes to planning for retirement.
Today’s retirees face a market downturn, falling home values and diminishing retirement savings which forces many to answer tough questions like: When should I claim Social Security? Should I get an annuity? What should I do with my home or mortgage? The rules of thumb no longer apply.
“When most individuals think of retirement, they think about how to save enough money,” said Jean Setzfand, AARP Director of Financial Security. “We have not spent nearly enough time discussing the best ways to take that money and turn it into an income stream that lasts throughout retirement. Our tip sheet challenges conventional thinking and offers general guidance about how to make the best decision for you and your circumstances.”
The AARP tip sheet, “Money Matters: Spending Down Your Assets in Retirement” (link below) addresses key questions like the ones above regarding planning for retirement and walks individuals through key actions steps – including resources and general guidance depending on an individual’s situation.
“Conventional wisdom may not be right for everyone,” said Janet McCubbin, who heads economic research at AARP’s Public Policy Institute. “More and more retirees today have to manage their own assets—instead of just cashing a pension check—and that’s not easy. A look at what experts have discovered can serve as a practical guide.”
AARP today released a second report, “Making Your Nest Egg Last a Lifetime,” that takes a fresh look at common financial decisions in retirement planning. The report was written for AARP by Anthony Webb of the Center for Retirement Research at BostonCollege.
Online Resources:
AARP Public Policy Institute info on retirement planning
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