The pandemic has put a dent in many people’s financial lives, affecting their ability to save and stash away cash for retirement. Add the fact that more Americans are living longer, and the prospect of financial security in retirement for many is falling short.
But if you’re concerned about running out of money in retirement, you’re not alone.
“A successful retirement is all about having a spending plan and making sure that spending plan incorporates inflation and healthcare costs,” said Patricia Wenzel, senior financial advisor at Merrill Lynch and president of the National Association of Plan Advisors.
Here are six steps you can take to avoid running out of money in retirement.