Is your money set up to last as long as you do?
Share to linkedinThe main goal of investing for retirement is building up enough wealth to cover your living expenses for as long as you live. The problem? There is not a single soul on Earth who knows when they’re going to die. You can speculate all you want, but the reality is, you don’t know if you’ll last until 85 or 102.
This tension often leads us to do some crazy stuff. You might find yourself attracted to a financial guru who promises they know the secrets to proper retirement planning; you may even listen to crabby uncle Larry who insists you won’t live a second past 72 because, well, nobody else in your family has.
Like it or not, there’s actually more we don’t know about our own retirement than stuff we do know. For example, we don’t know what kind of health we’ll be in, how much inflation will chip away at our wealth, or how the market will look 6 months, 6 years, or 20 years from now. Plus, there are other lifestyle factors to consider. How expensive are your hobbies? What are you willing to live without? And how low could your expenses go if you needed to make sweeping cuts?Social capital includes any payments you can count on for the rest of your life. This could be Social Security payments, an annuity you purchased, or a pension. If you’re able to secure more social capital and guaranteed income, then you’re definitely on your way to making your money last in retirement.
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