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248 Don’t Make Me Say I Told You So

4. Allocate assets to pay for essential and discretionary
expenses.

Take stock of every financial and real asset you own that could

serve as a funding source for your retirement income. Close
any funding gaps that pertain to essential expenses by either
dedicating a specific group of assets to draw from regularly over

time or by buying an investment that will give you a guaranteed,

predictable monthly income. Remaining assets may be used to
pay for discretionary expenses.

5. Consider working longer.

If you are concerned about running out of money in retirement,

consider working for a few more years. There are several benefits
to working longer before retiring permanently:

► Fewer years of retirement where you have to rely on your
investments for income

► More time to accumulate Social Security benefits – the
longer you delay taking Social Security, the higher your
monthly benefit.

► More time to put away money for retirement – the longer
you work and contribute to your retirement accounts,

the larger your nest egg should be.

► Continuing healthcare insurance from your employer

Chapter 6: Your Action Plan