Financial Planning for Long Life

As life expectancy increases and the time between retirement and death lengthens, it is increasingly important to have a financial plan in place to be sure you do not run out of money too soon.  A detailed discussion is found in Kathy Chu, Long life is a blessing — and a challenge: How to help savings last as long as you do, USA Today, Dec. 4, 2006, at 7B.

Here is a list of the techniques discussed in this article you may use to limit the financial risks:

• Obtain part-time employment
• Delay taking Social Security benefits
• Do not over-withdraw from savings
• Purchase bonds and certificates of deposit in ladder format
• Consider a substantial investment in annuities
• Consider a reverse mortgage