Avoiding Poverty (Going Broke) Beyond Retiring should be of prime concern for anyone retiring. The statistics are staggering relating to persons retiring and running out of money.
According to the SSA, many persons living beyond retiring, are living on one source of income, (Social Security Check) or some type of pension check. Oftentimes, this is not enough to make ends meet. After paying everyday living expenses, such as housing, Insurance, health premium, medicine deductibles, dental care, utilities, transportation, food, and other essentials; there is simply little or nothing left.
Very little is left for basic pleasures of life; such as recreation, vacations, or other pleasantries. In many cases individuals living Beyond Retiring, are forced to seek financial help from other sources (family members, friends, & government agencies). This is the case especially when the NEST EGG has been depleted.
Considering these circumstances; makes it even more crucial to plan carefully, realistically, and thoughtfully in managing, and investing your money; to avoid living in poverty BEYOND RETIRING. (more specifics in future posts).