Worried About Outliving Your Retirement Savings? This Could Be a Good Solution
There's a reason so many people don't look forward to retirement as they should. The idea of losing the paycheck you've relied on for years can be daunting, and understandably so.
Now, ideally, you'll be entering retirement with a nice amount of money tucked away in a 401(k) or IRA. But that money isn't guaranteed to last forever. And if you're worried about depleting your savings in your lifetime, well, that's understandable. This especially holds true if you don't have a particularly large nest egg.
According to Fidelity, the average IRA balance as of the end of 2022 was $104,000, while the average 401(k) plan balance was $103,900. Now that's a perfectly fine balance if you're fairly young and still have many working years ahead of you. But if you're on the cusp of retirement with just a little over $100,000 socked away for your senior years, then yes, outliving your savings is, unfortunately, a distinct possibility.
Source Fool.com
