|By Donna Gehrke-White, Sun Sentinel, Fort Lauderdale, Fla.|
Financial advisers say more clients should plan for their money to last 30 years or more in retirement and many South Floridians may need to rethink how long their savings will to last.
"We just had a client who died at 108," said
Preparation is especially crucial for aging baby boomers — who make up the largest age group in
More South Floridians are living to age 90 — and beyond. Some 16,458 people age 90 or older lived in
"He forces you to look at reality," said Galinsky client
"We know we have to get out," Kurzius said, adding, "We know we will eventually run out of money if we stay here."
Galinsky said he often recommends clients move to smaller homes early on to cut costs so they don't outlive their retirement savings.
Many seniors have found ways to cut back to preserve their savings.
The couple also travels less. "I'd rather give up a trip so we can pay the premiums on our long-term care health insurance," she said.
About a quarter of people polled in a recent
Even more people polled in the
"We watch what comes in and goes out," added her husband Howard.
Unforeseen record-low interest rates have forced many current seniors to dip into their savings — a reason to keep saving and hold the line on spending, said
"Don't define yourself in terms of stuff," she said.
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|Source:||McClatchy-Tribune Information Services|