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July 21, 2013

Don’t outlive your money

OKLAHOMA CITY — A poll by BlackRock suggests half of all Americans surveyed don’t think they have saved enough for a comfortable retirement. Outliving your money is a real concern.

Longer lives and higher costs are to blame. Nest eggs that once looked comfortable now pale when looked at over the long term. Planners suggest taking a few steps to make it last.

Make a budget and stick to it, according to USA Today’s Rodney Brooks, a personal finance columnist. Early in retirement is usually hardest because those 401K accounts look massive.

But if it has to last 30 years or more, it doesn’t look so large. Don’t forget to figure in medical, dental and eye care. Adult children can also become expensive as parents try and bail them out of jams.

Planners suggest working a few years longer to get larger Social Security payments. Consider part-time work after you retire. Don’t take on additional debt. Reverse mortgages should be a last resort.

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