How to Make Money Last in Retirement
A trio of retirement experts discusses how withdrawal rates, asset allocation, Social Security decisions, and long-term-care insurance factor into a retirement portfolio's sustainability.
We're living longer. And even if we've saved for our retirement, will we have enough? When should we file for Social Security benefits? And how much should we be taking out of our retirement portfolios each year? A recent panel at the Morningstar Individual Investment Conference moderated by Adam Zoll tackled these questions and more. The panelists included Morningstar director of personal finance Christine Benz, financial planner Mark Balasa of Balasa Dinverno Foltz, and retirement specialist Mark Miller. Here's an edited excerpt of the conversation.
Adam Zoll: Mark, when you have a client who comes to you and says, "I'm thinking about retiring; I'm not sure if I have enough," how does longevity enter into the discussion?