The theme this week on the One Minute Retirement Tip podcast is: Get These 4 Things Right For A Successful Retirement. 

What are these 4 things? They’re known as the 4 L’s of retirement and the concept was developed by retirement researcher, Dr. Wade Pfau.

The 4 Ls of retirement are longevity, lifestyle, liquidity, and legacy. Today, we’re focusing on longevity. 

Longevity goals are all about making sure that your basic needs are covered in retirement, so you don’t run out of money or become a financial burden to others. It’s possible and even likely, that you’ll spend 30+ years in retirement, so you need to make your money last.

Thinking about your retirement in terms of longevity addresses that concern. Do you have enough in assets to cover your basic needs for 30+ years in retirement. Will you be able to pay for housing, health care, and basic living expenses with your retirement nest egg? 

Will your portfolio and other sources of income adequately address your longevity needs and your basic living needs in retirement? 

It’s also very important to consider how your portfolio and how it’s invested will be able to go the distance for you in retirement. It’s critical that you can keep up with inflation, which will take a significant toll over a 30+ year retirement. And that usually means having an investment strategy that can continue to grow for you while providing for your basic living needs. 

If you’re most concerned with providing for your basic needs in retirement and not running out of money, then the longevity goal will likely take priority in your plan for retirement and your spending decisions. 

That’s it for today, but before you go I need your help. I’m planning an upcoming weekly theme on the podcast of “ask me anything”! What’s weighing most heavily on your mind right now as you approach retirement? Submit your question to me, I’ll pick 5 of my favorites, and answer them on the podcast. Just send me an email to [email protected]. That’s [email protected], and even if I don’t pick your question to answer on the podcast, I’ll do my best to reply and send you an answer.

Thanks for listening! My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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