When it comes to planning for your retirement income, it’s easy to overlook some of the common factors that can affect how much you’ll have available to spend. If you don’t consider how your retirement income can be impacted by investment risk, inflation risk, catastrophic illness or long-term care, and taxes, you may not be able to enjoy the retirement you envision.
What does this mean if you’re approaching retirement or already living on a fixed income? The good news is that the frugal can and do rule retirement. While the years may not be as golden as you’d like, they can be lined with silver, if you keep these tips in mind.