Free Republic

Retirement plans nationally and in Florida were already in trouble before the COVID-19 pandemic. Even though Florida has one of the healthier retirement systems in the country, this system is nearly $30 billion in debit and has approximately 85 percent of the funding it needs to pay for retirement benefits. This and a controversial bill to limit retirement options that did not make it through, gave Florida workers the jitters and an omen of what may be coming down the pike. In the report, "Retirement Insecurity 2021," conducted by Greenwald Research of 1200 working adults, two-thirds of Americans (67%) say...

In recent years, it has become a rule of thumb that many retirees can safely withdraw 4% or 5% a year from their investments and feel confident about their chances of having their savings last the rest of their lives. Lending credibility to these withdrawal rates are complex computer models that assess the odds of success based on thousands of possible market scenarios. But as powerful as those computers may be, retirees may be overlooking some basic variables -- such as current interest rates and stock valuations -- that will have a direct impact on how long their money lasts....

Allocating assets: Your portfolio should be weighted more toward bonds and less toward stocks as you get older. One rule of thumb: Subtract your age from 100 and put that percentage in stocks. For a 60-year-old, that would be 40% in stocks and 60% in bonds. With people living longer, some advisors say this formula is too conservative. Review your situation, perhaps with an advisor, to determine the right mix.