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Strategies to make sure your retirement savings last

Americans are living longer than ever before, and for many people, Social Security retirement benefits represent only part of the income they wish to have in retirement. The average American life expectancy is about 79 years, and millions will live to be much older. The average life expectancy for a person who reaches age 65 is 84 years.

Without careful planning, many individuals are at risk of outliving their retirement funds, especially in the current low-growth, low-interest environment. Developing a careful investment strategy is the best way to make sure that retirement savings last.

The first step is to contribute as much as possible to Roth accounts and other retirement plans, especially during peak earning years. These accounts often have good returns and are tax-favored.

Traditionally, investing in bonds was recommended for generating income for five to 10 years. However, bonds do not currently have strong returns. Some types of bonds may still be an option for some retirees, but in many cases shifting away from bonds is best.

Cash-buildup life insurance and annuities can be a strong choice for many people, because those assets grow tax-deferred. They can also provide income to spouses after a person passes away.

For many people, a diversified portfolio that focuses as heavily as possible on retirement accounts is the best option. However, personal finance decisions are highly individual choices. Hook Law Center Financial Services can provide you with individualized investment advice.

The elder law attorneys at Hook Law Center assist Virginia families with will preparation, trust & estate administration, guardianships and conservatorships, long-term care planning, special needs planning, veterans benefits, and more. To learn more, visit or call 757-399-7506.

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