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How Likely is it That You’ll Run Out of Money in Retirement?

James · April 19, 2022 · Leave a Comment

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Questions answered: Is it likely that you will outlive your money in retirement? What should you consider when planning your retirement expenses? How can you ensure you don’t run out of money?

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Key Takeaways:

  • Based on past studies, with a 4% withdrawal rate, it would be unlikely that you would run out of money in retirement.
    • The 4% rule is based on worst-case scenario.
  • How can you maximize the certainty of being okay?
    • Understand your true expenses.
      • A small increase in retirement expenses can drastically impact your withdrawal rate.
      • Run some what-if scenarios.
    • Have a withdrawal strategy that’s tied to your investment strategy.
      • This mitigates your chances of running out of money and maximizes what you can do with your money.
    • Have contingency plans.
      • You have to look at what happens if life doesn’t go as planned.
      • These could look like insurance policies, 
  • Taxes.
    • Taxes can be a big-expense item, but doesn’t typically result in you running out of money.
    • It’s an expense that lessens or goes away as your portfolio balance declines.

Episode Timeline:

[02:13] Looking at a study.

[09:43] Get an accurate sense of your retirement expenses.

[14:16] Have a withdrawal strategy that’s tied to your investment strategy.

[18:21] Have contingency plans.

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