Be aware of challenges to managing retirement income

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By northjersey.com

When you retire, will your cost of living decline? Some of your expenses may indeed drop, but others won’t. Plus, you may have some new ones to consider.

So, all in all, it’s a good idea to think about ways to boost your retirement savings now, before you’re retired. And once you do retire, you’ll need to be adept at managing your income. But whether saving today or planning for tomorrow, you should familiarize yourself with the key financial challenges you will face during your retirement years.

Specifically, consider these areas:

Longevity — Obviously, the longer your retirement lasts, the more money you’ll need. And you could be retired for quite some time. A 65-year-old man, on average, is expected to live another 17.9 years, while a 65-year-old woman can anticipate another 20.5 years, according to the National Center for Health Statistics.

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