Longevity risk presents a significant challenge for retirees, with medical advancements potentially extending lifespans and creating decades-long retirements that require careful financial planning.• Running out of money in retirement is often feared more than death itself• Life expectancy now averages 79.5 years for men and 82 years for women• Most retirees now believe they need about $1.5 million to retire comfortably• Estimate your personal timeline based on health, family history, and lifestyle• Consider delaying Social Security to age 70 for up to 77% higher payments• Explore appropriate annuities for guaranteed lifetime income• Consider adopting a flexible withdrawal strategy with different "buckets" for different timeframes• Consider how market volatility impacts your withdrawal strategy• Plan for long-term care before you may need it, with 70% of people over 65 likely needing care• Average nursing home costs can exceed $8,669 per month nationally• Explore hybrid long-term care and life insurance options• Consider part-time work or phased retirement for both financial and emotional transitionSchedule a complimentary consultation at MasterPlanRetire.com or call 770-980-9262.Have a topic or question you'd like Mark and Evan to address in a future episode? Email us at [email protected] or call 770-980-9262.https://masterplanretire.com/Catch all episodes of our podcast at https://www.masterplanyourretirement.com/resources/episodesListen to Mark Fricks on Saturdays at 12:00 p.m. on XTRA 106.3FM WFOM.Sign up for one of our upcoming events at https://www.masterplanyourretirement.com/eventsPurchase MarSend us a textVisit masterplanretire.com to access our retirement checklists, podcasts, and schedule a complimentary consultation.Call 770-980-9262 to speak directly with someone about your retirement planning needs. https://masterplanretire.com/Catch all episodes of our podcast at https://www.masterplanyourretirement.com/resources/episodesListen to Mark Fricks on Saturdays at 12:00 p.m. on XTRA 106.3 FM WFOM.Sign up for one of our upcoming events at https://www.masterplanyourretirement.com/eventsPurchase Mark’s book, The Road Less Traveled: Turning Your Retirement Worries Into an Excursion of a Lifetime, on Amazon: https://a.co/d/4fx94Al Advisory services offered through MasterPlan Retirement Consultants, Inc., a Registered Investment Advisor in the state of Georgia. Insurance, tax and commodities services offered through Fricks and Associates, Inc. dba MasterPlan Retirement Consultants. The aforementioned are affiliated companies.

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