Oh yes, I am pretty sure I will as the years are passing much faster than the assets are growing.
I prohibit myself from indulging in Fear. It is a trait from my Dacian Ancestors. I have the Will to survive. : )
That has already happened. Any financial cushion that was there has been exhausted. My wife had heart attack three years ago. We are both out of work and the only insurance in place was Cobra. In our situation Cobra didn't cover that much so most of our "savings for future" are gone.
With today's economy and employment situation I'm sure it is going to get a lot worse before it gets better. More and more people are loosing assets each day. Those approaching senior years that have no fear are fools. Costs keep rising and as duffsmom says assets/savings cannot grow at the same pace.
Sooner or later you get hit with the fact that a dollar saved is not worth that same dollar in real life when you retire. Outliving your money and assets is a real situation that few people think about or plan for. And I'm not sure with the way things are going one can plan well enough to be completely safe.
No. That is the point of saving money. To leave your family and friends with all that you've saved. Yes, you use most of your savings in retirement, but there should be a decent amount left for them. After all, they put up with you through everything.
Due to much longer life expectancies, those of us in the retirement planning field have had to address this much more than in the past. In many cases there are individuals living longer in retirement than they actually worked. Each case must be addressed individually. However a good rule of thumb is to limit withdrawals from retirement assets in retirement to no more than 4% per year if your retire in your early 60's. A withdrawal rate in excess of that runs a greater probability of asset depletion. Much of this depends on the sequence of your investment returns rather than your average return. But it is advisable to stress test your retirement projections annually regardless of whether or not you're saving for retirement or already retired. Retirement planning involves numerous moving variables. Have your planner run a detailed monte carlo simulation using worst case scenario, and redo it once a year,
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