Roger Ferguson, the former vice chairman of the Federal Reserve, said in October “longevity is both a risk and an opportunity.”
It’s good news that many of us are living longer. But longevity also increases the risk of outliving one’s nest egg.
But that’s not the only risk to a secure retirement. The rising cost of health care can gobble up precious retirement savings. Even the increasing cost of a college education can impact your retirement! That’s because many middle-aged Americans are contributing significant amounts of money to help finance their children’s college tuition. Even worse, many parents have borrowed money to fund those scholastic endeavors.
It can be hard to make the right financial decisions. Need help creating a retirement plan? We’re here to help.