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Tips to Help You Determine How Long Your Retirement Funds Will Last

Retirement is something that many people do not think about until they get older. However it is not necessarily a bad thing to start thinking about retirement early. In order to determine how long your retirement funds last it is necessary to consider several issues.

Your Age When You Started Saving For Retirement

The earlier you started saving for retirement the more money you will likely have and that impacts how long your retirement funds last. Of course much will depend on whether you budget, how much you will spend annually as a retired person, and the annual yield on your retirement investment while you were saving for retirement. Also how long your retirement funds last depends on how many years you live. Sometimes people run out of money in the eighties or nineties or older if they do not do wise financial planning. But generally the earlier you started saving the more money you can potentially have and the longer your retirement funds last if you plan adequately.

How Much Inheritance Money You Have

If you inherit a large lump sum of money from your parents or if you inherit property that you can sell for profit that will increase the amount of retirement money you have. If you plan correctly that makes your retirement funds last longer.

Whether You Have a Lifetime Fixed Annuity

Some people have lifetime fixed annuities that they inherited from parents or that they purchased themselves through a major university foundation. Lifetime fixed annuities give you a fixed amount of passive income every year for the rest of your life so if you have a lifetime fixed annuity your annuity retirement funds would last for the rest of your life.