Money for Life, by Steve Vernon, Rest-of-Life Communications, Oxnard, CA, 2012. Steve Vernon, a keynote speaker at two of our Annual Meetings, writes an easy to understand guidebook to setting up income streams that should last through one’s retirement. Of course it is helpful to have a rough idea of how long we’re going to live and Steve mentions two websites that we also recommend, bluezones.com and livingto100.com which will help provide an estimate of longevity based on a series of questions pertaining to existing health, lifestyle and family history.
When we have an idea of how long we’re going to live, we’ll know how long to estimate our money to last and, of course, how much money we’ll need. These are the first steps in figuring out our plan of money for life. This is particularly helpful if retirement funds are limited.
Steve also mentions that since we are likely to be living longer than previous generations, it is likely that we’ll experience recessions in our retirement years and our investing and drawdown strategies need to be flexible enough to allow for market variations.