Rebekah Barsch Sets the Record Straight on Retirement
Worried about having enough money in retirement? Thinking of working a few more years just to be sure? Rebekah Barsch, Vice President of Market Strategy, Northwestern Mutual says there is no need to worry but need to take action.
“Although financial planning for retirement is more complex than ever, it is very much possible,” she says.
“It’s no longer just about saving enough to get to retirement; it’s also about making sure your money lasts through your retirement years. Don’t risk outliving your money by adhering to the old ideas of retirement planning. When you retire, this hypothetical question becomes very real, and it is only by developing a holistic retirement plan now, and incrementally and consistently working toward achieving that plan, that you can enter a financially secure retirement.”
According to Barsch, the first step is to understand what longevity means for you and how it factors into your personal retirement planning. Start by trying Northwestern Mutual’s Lifespan Calculator. This fun, online calculator considers 13 lifestyle factors including diet, drinking, smoking and stress to estimate life expectancy, using the latest information from the National Center for Health Statistics. In addition, Facebook users can download the Lifespan Calculator Facebook application to compare their life expectancy score with that of their friends.
“Understanding longevity and the other risks of retirement can be empowering. The good news is that a well-developed retirement income plan can help you weather the unexpected. The key is to start planning now,” continues Barsch. “Work with a trusted advisor to align your expectations with your lifestyle and build a plan that will take you through retirement, not just to retirement.”
Barsch continues to set the record straight on common misconceptions regarding retirement. Watch her The Wealth Channel.
Photo by Northwestern Mutual
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