Summerlin Benefits Consulting Q&AAnswer
Oct 29, 2024 - 09:55 AM
To plan for unforeseen expenses like medical emergencies or inflation, consider setting aside a financial cushion within your retirement savings. Estimate future costs, including healthcare (especially if retiring before Medicare eligibility at 65) and possible long-term care. Include inflation-adjusted costs and high-ticket items, such as home or vehicle repairs. Following the “5% Rule” can help ensure your nest egg lasts by limiting annual withdrawals to 5%. For personalized planning, consulting a financial advisor can be beneficial.
