So how much do you need in an emergency fund in retirement? And if I said 12 months, would you be happy with a year’s worth of living expenses sitting in a money market account earning about 0.5%?
Don’t get fooled by fancy upfront promotions from banks for 3 to 6 months unless you don’t mind hopping around banks, chasing promotions, and be mindful of the rules for obtaining those higher interest rates. Let’s find out if there are any options other than keeping 12 months in a low interest money market fund or chasing promotions from bank to bank.
Watch the video till the end to learn how a retirement annuity can assist with determining how much to reserve in an emergency fund in retirement.
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Table of Contents:
00:00 – Introduction
01:17 – Why an emergency fund is vital
02:17 – Emergency fund for long term care needs?
03:38 – What does Sequence of Returns have to do with an emergency fund?
05:29 – How many months reserve is necessary for an emergency fund?
06:34 – How an annuity can help with how much you need in an emergency fund
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▶️ DISCLAIMER:
**Healthy in Retirement makes content available as a service to its customers and other visitors, to be used for informational purposes only. While my best intentions are to provide accurate and timely information, you should always consult with retirement, tax, and legal professionals prior to taking any action.
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I have never heard that your emergency fund should be six months of salary during your working years. I have always followed the x month of expenses rule.
Darlene is a true professional in her field. She's very knowledgeable and can get you in the right direction for Retirement! Call her today!!