Here are 7 key steps to make sure you don’t outlive your money
Making your money last throughout your lifetime used to be easy: Retire at 65, buy bonds, and live off your pension and Social Security. No sweat. You weren't expecting to live much past 70 or so, anyway.Things have changed. Interest rates are at historic lows, pensions are rare, and longevity is on the rise. Sure, you can still retire, but your bonds may only earn 2 percent and you're likely to live well into your 80s, if not 90s. And pensions? Forget it; the vast majority of us are on our own in today's 401(k) plan world.Given these conditions, I believe making your money last will be the single greatest financial challenge most people will face in this generation.In my view, making your money last can largely be boiled down to five key levers. Three are always unknown: investment return...