William Schantz Scholarship | Bill Schantz Scholarship

William Schantz Scholarship

5 Common Retirement Risks to Be Prepared For

5 Common Retirement Risks to Be Prepared For

We all know that retirement is a time when we’re supposed to enjoy our golden years. But unfortunately, there are certain circumstances that might leave you facing an unpleasant situation. Bill Schantz will explain some of the most common retirement risks that you should be prepared for.

5 Retirement Risks You Should Take to Protect Yourself.

Outliving Your Savings

According to Bill Schantz, this is one of the biggest fears that people have when they retire. And it’s a valid concern because, according to the Social Security Administration, a 65-year-old man has a life expectancy of 84, and a 65-year-old woman has a life expectancy of 87. That means you could need your nest egg to last 20 years or more.

There are a few ways to combat this risk. One is to make sure that you have a diversified portfolio that includes stocks, bonds, and other investments. Another is to plan on working part-time during retirement. This can help supplement your income and give you something to do so you’re not just sitting around with nothing to do.

Loss of Income

Many people are dependent on their social security to receive some of their retirement income. Unfortunately, there’s no guarantee that this benefit will be around forever. Hence it’s important to have other sources of income.

As per Bill Schantz, one way to do this is to make sure that you have a solid savings plan in place. Another is to consider working part-time during retirement. This can help supplement your income and give you something to do so you’re not just sitting around with nothing to do.

Market Changes

In these volatile times, it’s important to remember that the stock market can go up and down. And while it may be tempting to cash out when the market is doing well, you could end up losing a lot of money if it takes a turn for the worse.

A good way to combat this risk is to have a diversified portfolio that includes stocks, bonds, and other investments. This will help protect you if the stock market takes a dip.

Inflation

Another risk to consider is inflation. This is when prices for goods and services go up over time. And while it may not seem like much, it can eat into your retirement savings if you’re not careful.

To combat this risk, you’ll want to make sure that your investment portfolio is diversified. This will help protect you if the stock market takes a dip. You’ll also want to consider investing in things like real estate or commodities, which can help hedge against inflation.

The Conclusion

Bill Schantz has highlighted some of the most common risks that come along with retirement. But the good news is that by taking proper precautionary steps, you can protect yourself and your spouse. By diversifying your portfolio, planning ahead, and being prepared for the worst, you can make sure that your retirement is spent comfortably.

Spread the love