Retirement — and the shift to relying on retirement income — marks a crucial change in your financial life. Sure, you can now stop spending so much on new suits and long commutes. However, retirement is when you transition from having a regular paycheck to relying on your investments for income. While this shift may be easy to grasp conceptually, it can be far more challenging to implement as you develop a retirement plan.
"If this isn't done with care, retirees can deplete their savings, particularly if they live longer than expected, which can lead to the risk of running out of money before running out of life," says Anthony Saccaro, president at Providence Financial & Insurance Services.
