Fidelity Investments Vice President of Retirement Products Rita Assaf joins Wealth host Brad Smith to discuss retirement planning strategies for those 65 and older.
With the so-called approaching "silver tsunami," Assaf notes that by 2027, all Baby Boomers will be over the age of 65: "It's definitely a tsunami, and it's coming very quickly."
For those reaching retirement age, she explains that ideal savings targets depend on individual circumstances, but generally, "you should be able to replace about 45% of your pre-retirement income" while advising retirees to limit annual withdrawals to no more than 4.5% of their retirement funds.
"Identify your personal financial goals and create that detailed retirement income plan. You want to determine if you have enough money to last throughout your retirement," Assaf recommends, emphasizing the importance of considering factors such as living arrangements, life goals, and potential Social Security benefits.
Watch the full video above for further advice on optimizing your investment strategy as you transition into retirement.
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This post was written by Angel Smith