The plans of the diligent lead to profit as surely as haste leads to poverty. --Proverbs 21:5
Everyone who plans to retire or has already retired faces a troubling question: Will I outlive my money? This is clearly a great concern and an unsettling possibility. Fears about health care and future finances run neck in neck in the race for the biggest concern among senior adults.
Today, the average person's life span has increased by 20 years since 1900, and the fastest growing age group of the U.S. population is people who are 85 years old and older. In the 1970s, Social Security provided for half a retired person's annual income, but today it counts for less than 30 percent and continues to decline.
The only way to make sure your income lasts as long as you do is through proper planning. You may have been frugal and wise with your income so you could be properly prepared when retirement came along, but now you may be feeling financially vulnerable. Don't worry—you are not alone. There are creative ways to make your money last longer for you.
Sit down with your family and discuss this issue as soon as possible. If you don't already have a professional financial advisor, you might consider working with one. Be sure to check their references before making a decision.
PRAYER CHALLENGE: Ask God to place on your heart the reassurance that He will take care of you. Ask Him to reveal to you the next steps to take in preparing financially for the future. Thank Him for His provision and watch care over your life thus far.
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