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| lic assistant
| On average, it is safe to use 4%-6% each year. During your working years accumulating as much money as you can for your retirement years is the goal. 5 Pitfalls That Can Ruin Your Retirement. I have noticed many retirement pitfalls from meeting with hundreds of people. Is all of your money exposed to. Underestimating life expectancy. And lastly, when you start pulling money out of your retirement accounts, your focus should be on tax efficiency and longevity. If you are in or nearing retirement, taking care of your money has never been more important. When you do retire, preserving your hard earned dollars is essential. The average woman will live to about age 82 and men will live on average to about 78. Choosing the wrong strategies to achieve financial longevity for retirement. I will discuss a few of these later on but, consider the three phases of the financial planning cycle. Accumulation, preservation, and distribution. Now let's look at the retirement pitfalls. So, don't pull too much money out of your accounts each year. You want to pay as little tax as possible and, you want your nest egg to last as long as you do, right. You don't want to lose what you worked so hard to save, do you. |