One of the biggest challenges retirees face is funding a retirement that could potentially span decades. People are living longer than ever. If you retire in your early 60s, it’s possible that your retirement could last 30 years. In fact, you may spend more time in retirement than you did saving for retirement.
Retirement is a major financial challenge even for the most disciplined savers. While you will likely benefit from Social Security payments, you may not have any other form of guaranteed lifetime income. That means you may need to fund much of your retirement expenses with savings.