Will Your Retirement Last 30 Years?

We all dream of a happy, healthy retirement. But when most people envision this, they think of a beautiful snapshot—not an epic, decades-long journey. Of course, your journey can be as enjoyable as you imagine it, but you’ll still need to find some way to finance it.

“We often describe today’s retirement experience as a marathon,” said John B. Leeming CFP®, president at JL Bainbridge. “You need pacing and preparation. And the last thing anyone wants is to run out of gas along the way.” In financial terms, this is called “outliving your money.”

Embarking on a 30-year retirement marathon requires careful planning, disciplined saving, and strategic decision-making. Yet many reach their 50s without noticing how quickly their retirement years are approaching. While it’s not too late at this point to adopt a long-term investment strategy (one that typically avoids overreacting to market swings), specific financial situations and retirement goals require even greater attention and expertise at this stage.

For example, those nearing retirement age should be aware of how to take full advantage of optimizing their contributions to retirement plans. The IRS allows catch-up contributions and recently introduced new contribution limits and other related changes. But the requirements and options for making adjustments are affected by several factors. In other words, it’s complicated.

Let’s go back to the marathon analogy. By starting early, creating a comprehensive financial plan, diversifying your investments, and staying flexible, you’ll improve your chances of pacing yourself for financial success with confidence—even for a thirty-year retirement. But if you feel like some personal “coaching” would help you along the way, consider talking to your financial advisor and tax professional for guidance.

JL Bainbridge advisors are fiduciaries. They are required by the SEC to act first and foremost in their clients’ interests.

JL Bainbridge offers free hour-long financial reviews with one of its Family Wealth Advisors. To learn more about JL Bainbridge or to set a time for your Free Financial Review, call (941) 356-3435 or visit jlbainbridge.com.

Here are three of JLB’s “Family Wealth” blogs that you might like to read:

Bridging the Retirement Gap

Your Three Bucket Retirement Strategy

The Perfect Portfolio Game