9 Retirement Planning Mistakes You May Be Making

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Retirement planning requires that we make a lot of assumptions about the future. From all of these assumptions and other data, most software spits out a "Chance of Success." That number can make the future appear more certain than it is. In fact, many people make some big mistakes with their retirement plans.
In this video we'll look at 9 of those big mistakes and how to avoid them.
New Retirement: go.robberger.com/new-retirement
FICalc: ficalc.app/
Longevity Data: www.capitalgroup.com/advisor/...
Longevity Data: www.ebri.org/docs/default-sou...
Assisted Living Costs: www.seniorliving.org/assisted...
Returns by Asset Allocation: investor.vanguard.com/investo...
Long Term Care Data: www.northwesternmutual.com/li...
Timestamps
0:00 - 9 Retirement Mistakes You May Be Making
0:34 - How long we might live
1:48 - New Retirement
2:58 - Retire earlier than planned
5:01 - Rates of return
7:00 - Investment fees
8:41 - Home equities/Assisted living
13:27 - Pass away early
14:57 - Annuities
16:30 - Stress test plan
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ABOUT ME
While still working as a trial attorney in the securities field, I started writing about personal finance and investing In 2007. In 2013 I started the Doughroller Money Podcast, which has been downloaded millions of times. Today I'm the Deputy Editor of Forbes Advisor, managing a growing team of editors and writers that produce content to help readers make the most of their money.
I'm also the author of Retire Before Mom and Dad--The Simple Numbers Behind a Lifetime of Financial Freedom (amzn.to/3by10EE)
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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. Your investment and other financial decisions are solely your responsibility. It is imperative that you conduct your own research and seek professional advice as necessary. I am merely sharing my opinions.
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Опубликовано:

20 июн 2024

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Комментарии : 107

@BillyCarsley Месяц назад

I'm planning to live until 110. I only have to work until 95.

@rightwingprofessor1356 Месяц назад

Here are the Nine Planning "Mistakes" Bob covers in this video. 1. Longevity Risk - Not planning to live as long as you will 2. Retiring Earlier Than Planned - What we say and what we do don't match up. 3. Realistic Rates of Return - Make sure your expectations match your asset allocation. If you are DIY, be realistic about your own behavior. 4. Accounting for Investment Fees - Be sure to understand the cost of the 1% or 1.5% Fee to your portfolio's performance. 5. Ignoring Home Equity - Could do a Reverse Mortgage, or down size. Might also move to a different state. 6. Accounting for Assisted Living Later in Life - Average time in assisted living is 22 months. 7. Factor in the possibility that one spouse dies early - Effects Tax Status, Retirement Expenses, Income (loss of one SS Benefit Check) 8. Ignoring Annuities - SPIAs can be a valuable tool. Have a minimum of 50% (to 100%) of your fixed expenses covered by guaranteed income. 9. Stress Testing Your Plan - Whatever software you use, make sure to test your plan in all of its components. Perform "What If" scenarios.

@patty109109 Месяц назад

Nice!

@heidikamrath1951 Месяц назад

Thank you!

@alexmouton2204 Месяц назад

Another mistake is not accounting for large expenses that could eventually happen during retirement. Like, a new car, a new roof, new AC unit, appliances, etc.

@clsanchez77 Месяц назад

I account for it as a depreciation expense. While depreciation is not a realized expense, it represents a cost for repair and replacement of assets. I have 10% of vehicle values and 2.5% of home value.

@readyplayer2 Месяц назад

These unexpected expenses can be sizable. Insurance companies are requiring many homeowners in FL to replace 20 year old tile roofs (often at a cost north of $50,000) that were billed as 50 year roofs in order to maintain homeowners insurance for windstorm damage. Insurance or lack of it can have a big impact on home equity, many people's largest nest egg. Insurers are exiting markets due to elevated storm or wildfire risks (the latter mostly in the Western US). Having your property become uninsurable can have enormous impacts on home equity. If an insurer draws up new risk maps and decides that your home that they previously insured is now at extreme wildfire or storm surge risk, and refuses to renew your policy, you may be forced into a move and will not have an easy time selling your property to anyone but a cash buyer that likes to gamble.

@markwalters7498 Месяц назад

Just put a new roof on our house last year. $44,000.

@clsanchez77 Месяц назад

@@markwalters7498 yep, spent $100k on new roof, AC and other misc upgrades that made sense at the time. Im anticipating similar work will be needed in 20 years, right at retirement ;)

@Michelle_Sanders561 Месяц назад

How can I get a good financial advisor?

@BEAUTIFULDIANAFRANCIS Месяц назад

Your question was a good one I say this because More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire without any investment. Retirement becomes truly fulfilling when you possess two essential elements: financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement.

@KevinMerinoCreations Месяц назад

Hi Rob! My wife and I are relatively new to your channel and we love the perspective you share with respect to retirement planning. You have already reinforced a lot of what we have learned over the years and we continue to learn more about other facets of retirement planning through all the topics that you videos address. Thank you for what you are doing for those of us wanting to self-manage our own retirement! 👏👏👏

@brandonblahnik6002 Месяц назад

Another mistake is putting too much money into traditional retirement accounts and not enough into Roth or taxable accounts. It is a good idea to diversify your nest egg by tax treatment so that you have some flexibility in case taxation policies change in the future.

@alex182618 Месяц назад

One of the best videos ever. A retiree should tap into home equity only in the form of downsizing. Everything else is counterproductive

@toastedtarantula1701 Месяц назад

Downsize if you need to but maintain full ownership of the new/other property. Avoid reverse mortgages at all "costs". Avoid the snake oil.

@FunStuffBuddy Месяц назад

Two words….”early checkout” 🤣😂🤣. Love it.

@TonyCox1351 Месяц назад

I’m planning to live to 85. Let’s say I retire at 65, get 20 good years. That’s a long time to enjoy myself how I want. After that I think it’ll be time to checkout, if not by choice, I probably won’t be mobile enough to do much anyway lol

@impens1030 Месяц назад

The biggest mistake is to start saving too late…. You never catch up the ten first years not having put money aside.

@Idaho-Idaho Месяц назад

Thanks for the video. I put together a very comprehensive plan for retirement. After I retired, I experienced factors that completely blew my plan apart. Mostly all good things. I didn't need my cash for early on support because I got a fun job and my spending was far below my estimated levels. Yes, the one factor that is needed to put together and good plan is "when are you going to die." Retired at 58 and am 63 now. Wealth is not what. you have but how much your monthly income is.

@LetsNotBickerAndArgue Месяц назад

Great timing on this video. I've been using New Retirement for a few months; I will use your suggested stress tests, including Early Checkout. I also appreciate your showing new features that I had not yet discovered. Thanks!

@KJFC388 Месяц назад

Don’t forget sequence of returns risk as part of a stress test

@olecap717 Месяц назад

Hi Rob! Enjoying your communication style and knowledge. When I retired I had failed to figure out how much healthcare would be on a monthly basis i.e. premiums. I chose to do Supplement G and Part D as well as the mandatory B and I retired 2 years prior to what I had expected. I figured out that Advantage plans can just wreck you financially during the course of a tough illness near the end of life, virtually wiping out any legacy plans.

@CalKidWilly Месяц назад

Thanks Rob, well done. You gave me some ideas here on how to better use New Retirement. P.S. Love your tag line! - Bill

@peterizzo6527 Месяц назад

Hi Rob, I've been watching your videos for about 3 years, which is how long I've been retired. I think your advice has been the most helpful I've ever found, and I thank you a great deal for the comfortable feeling I have about my investment approach. I think this is one of your very best videos. Many thanks!

@stephenrasp4485 Месяц назад

Great Great video. I am a big user of NewRetirement and I'm going to be using this as a tutorial and going through those scenarios. Thank You!!

@M22Research Месяц назад

Excellent real world discussion. The one spouse dies first planning is critical. We found this risk to be so critical, now that we are comfortable with our general plan, it is now the focus of our scenario planning! While some folks might realize their pension or annuity has a 50% survivor (or none!) clause, not everyone factors in all the financial downsides of being single, like the potentially huge impact on taxes.

@aalegalfocus Месяц назад

In addition to a spouse passing away, people may need to consider the possibility of divorce. As a lawyer, I've seen more older couples decide to divorce-- or sometimes it is one person's decision.

@DrBilly90210 Месяц назад

Grey divorce can be a financial death sentence (in addition to all the other stresses), at the very least b/c there's little, if any, chance to make back the $$$.

@noreenn6976 Месяц назад

Even a midlife divorce can be devastating to retirement.

@SpookyEng1 Месяц назад

@@noreenn6976Can confirm 😢

@neverclevernorwitty7821 Месяц назад

Oh yeah, put that scenario in New Retirement, I'm sure that will go over real well. 🙄. Pay attention to and nurture your marriage, before and during your retirement. If you're "planning" the financial implications of a divorce on "your" retirement, I got news for you ....

@pcash4088 Месяц назад

Cheaper to keep ‘er.

@fredmorgan996 Месяц назад

I had a good chuckle when I saw your example in New Retirement where the Income Score was 1190 with an income of $6.5K/mo., expenses of $550/mo. and an estate value $11 million at 95. That's the kind of portfolio I would like to have!

@ericj9011 Месяц назад

My mistake was diversifying too much after reading the intelligent asset allocator and the ivy league investor. Books like this seem to be written by intelligent people, but they still make the mistake of looking at too small a sample set of data, for example during decades of interest rates falling. I would've been better off buying a total stock market index or the like. My other mistake was getting out of cash when Ray Dalio said cash is trash, and it turned out to be the best place for your money. I don't think regular investors can replicate strategies of those advanced folks, and it's better to just follow a simple diversification and own the market. The only beneficial advice I got out of those books was to keep my bond investments in short-term bonds so they are not a high risk investment.

@Random-ld6wg Месяц назад

in my early investing, i was trying to be too smart for my own good. i maxed out what was available to me roth ira, spousal roth and 401k but i really diversified. i had large cap, small cap, mid cap, reits, small allocation to international. but at the same time i had sector bets such as latin america fund. method of rebalancing was to add on to what was being left behind, so i poured more new money into the laggards. i think i had international 10%, reits 15%, small cap 15%, large cap/S&P 35% mid cap25%. i had a money market fund in my taxable brokerage where i saved the "excess" portion of my paychack(pay yourself first). my 401K retirement plans basically had S&P and mid cap and my roths had the reits. my bonds were in a taxable account so i put them in municipal bond funds and this is where i parked a large cash position from which i bought individual stocks later on and eventually depleted. the other assets classes were in taxable brokerage. it would just have been simpler to use S&P index or Total stock market index. i eventually exited out of reits after 20 yrs and i accumulated sizable individual stock positions in my taxable( worked out for me but not really advisable). the original allocation sounded smart but was just too "busy".

@mikeg9b Месяц назад

"I would've been better off buying a total stock market index or the like." 100%

@suzanneemerson2625 Месяц назад

Love your videos. Wow! That chart you showed about long term care costs is way off for where I live. I’m in Silicon Valley, and the average cost for long term care here is $14,000 to $16,000 a month. I know because my mother was in long term care. She suffered a brain hemorrhage during minor heart surgery, and became similar to a person with dementia in terms of her ability to think clearly, remember, care for herself, etc. She was in LTC for 9 years. I’m terrified for myself. I was planning on inheriting, but everything went to pay for her expenses.

@chrism9037 Месяц назад

Love these videos. I wish Rob was our President... but he's too smart to go there..

@FrankGransee Месяц назад

Smart definitely is not a qualifying criteria for the office of POTUS.

@suzanneemerson2625 Месяц назад

No no no! We need Rob and his financial expertise right here where he belongs!!!

@kw7292 Месяц назад

New Retirement is very good. Stress testing identifies problem areas.

@FunStuffBuddy Месяц назад

@rob Berger - you mentioned annuities. Do you plan to purchase any annuities as part of your retirement plan?

@dansenergy461 Месяц назад

I always enjoy your videos. This is the first time that the video quality was difficulty to see details on NR screens…..maybe operator error on my end.

@dansenergy461 Месяц назад

Difficult (not difficulty) oops!

@clsanchez77 Месяц назад

“You need to factor in the possibility that one of you could pass away early…and it’s easy to do.” 😂😂😂

@Johnny5_ Месяц назад

On point #9, it would be helpful if NR could include a "sensitivity analysis" tool to automatically stress test the key plan variables or assumptions to highlight a particular plan's greatest weaknesses and dependencies

@Poopoocachoo Месяц назад

15:08 Another way to utilize a SPIA (single premium immediate annuity) is to use it to fund a long-term care plan. Generally is more efficient when you're a bit older but it can help leverage dollars

@stulevin5066 Месяц назад

Rob , love your thoughtful videos. I watch every one. How would you account for things like: Will need a new roof at some point, or replace the car, or replace the HVAC system? I'm not sure how to handle that. I think big clumps like this could significantly impact the plan.

@johnbankston72 24 дня назад

“One-time expenses” under “Expenses and Healthcare”

@michaelsd284 Месяц назад

Just a point on the Long-term Care conversation. There are (2) main categories for this that one should consider in their retirement plan. The first is the basic "assisted living", which does not qualify for long-term care insurance reimbursement. This would be when an elderly person moves into a facility where they are provided non-essential services ( just need someone to "keep" an eye on them). This can be for extended periods of time and in many cases if for single people which allows one to use their planned living expenses to help cover these costs, but this still warrants some thought and planning. The second is for what Long-term care insurence was designed to support (the 22-month average) where your meet 2 of the 6 criteria for "Long-term care" (bathing, dressing, toileting, transferring, continence, and eating) or have severe cognitive impairment.

@pcash4088 Месяц назад

Very good point to make. We have a family member who’s early 80s and has been in a memory care facility for over 3 years. Price per month in Illinois just went to $7,600. Other than the severe dementia she is healthy. Estimating for only 22 months would have been a bad idea for us. I’ve used 8 years. Scary numbers.

@rightwingprofessor1356 Месяц назад

Your definition Long Term care is correct. Your explanation of Assisted Living, however, is not. LTCi will pay for services meeting the definition of 2 of 6 Activities of Daily Living, in a variety go settings, included an Assisted Living Facility. Most people in Assisted Living meet LTCi requirements, as do those who are cognitively impaired. It is not common for people to require assisted living, "because someone needs to keep on eye on them." There is also a Third consideration, a CCRC, Continuous Care Retirement Community. In a CCRC, you move in when you are healthy, but aged. As the need for care occurs, you remain in the CCRC, but you receive the appropriate level of care, from independent living to Assisted Living to Nursing Care to Memory Care, if needed. CCRC's are relatively costly, as they typically require a substantial (6 figure) enrollment fee and monthly ongoing fees.

@Paul-jp8zz 8 дней назад

Frankly I'd rather be dead than live in that situation for the remaining few years of my life.

@rightwingprofessor1356 8 дней назад

@@Paul-jp8zz Unfortunately, if cognitive impairment is involved, you may not know you are in the situation.

@Paul-jp8zz 8 дней назад

@@rightwingprofessor1356 perfect reason for a living will/advance directive, IMHO.

@MC-gj8fg Месяц назад

I don't worry about my portfolio lasting past age 90, assuming I retire at 59 1/2. I plan for a 30-year retirement. I've never met an active 90 year old, so asset utilization is at an all-time low. Meanwhile, nobody in my family has demonstrated that degree of longevity, mostly living to the early 80s. This is a good argument, however, for delaying social security unless I had some serious health concerns by age 62. It's inflation adjusted, and while meager, it's nevertheless all I'd likely need at 90 plus.

@davidbiran4572 Месяц назад

You may have never met an active 90 year old, but my father retired at 65 from his government post, started a new job the following day and finally retired when he turned 93.

@wbrussell19 Месяц назад

Hi Rob. I sure would like to see you discuss sometime the following what-if scenario: the financial managing spouse dies early and the other remarries. What can be done to protect the original beneficiaries if the surviving spouse is not financially competent, and the new guy (or his family) isn't ethical?

@thomasbraida7293 Месяц назад

Rob, do you link all of your banking, investment and credit card accounts to NR. They seem to have good security protocols in place but not sure if I should link or manually update once per quarter. What do you do?

@saulgoodman1567 Месяц назад

Based on personal experience with older family members and having been inside of multiple independent and assisted living facilities, I can say that for most people things start to decline quickly for people who live past the age of 80 to 85. This is especially the case for men. Of course, we all know someone who don't age this quickly. However, this seems to be the exception rather than the rule.

@Large-Sarge719-lm9rv Месяц назад

Hi Rob, really enjoy your videos. Thank you very much. What about accounting for a potential reduction in Social Security income if the trust goes insolvent

@pw2725 Месяц назад

Try searching for Rob's video with his guest Mike Piper, I recall Mike briefly spoke to his assumptions, namely as you noted a "reduction" is possible but that same-year funding will keep the majority of SS working/funding. I believe he noted a percentage as well.

@Large-Sarge719-lm9rv Месяц назад

I watched the video and it says there’s a potential the SSA would reduce payments by 23% in 10 years. Is this something you could model in New Retirement the loss of that income?

@pw2725 Месяц назад

Yes you can.

@marklong8608 Месяц назад

Are there any better sources to plan for assisted living/nursing care? We don't want to be in an "average" or median facility. More like 90th or 95th percentile that is more comensurate with our net worth. It would sure help for planning. Thanks.

@orioles7023 21 день назад

another risk to consider is the possibility of getting Alzheimer's. If that happens to one half of a couple, then he/she may need to go into Assisted Living early and stay much longer than the "average" 22 month figure that Bob quoted. Expenses go up quite a bit if one person is living in the family home and the other in Assisted Living. It's almost like a "forced separation". I say forced because the condition does force major life changes. Just like retirement may come up sooner than you planned, health issues can crop up and ALZ is common enough and serious enough to use as a worst case scenario. IMO it's not a good idea to buy long term care insurance because it's very expensive and you never know who/what/where/when. Just try to save enough to afford the possibility.

@tomowens5391 Месяц назад

Thank you Rob. Hands down the best, most comprehensive and thought provoking post for mature investors. Hint... I'm 71, working on 72. Wishing you the best.

@smalltalk.productions9977 Месяц назад

rob-thanks for the effort and sharing. i am an appreciative subscriber. if i may ask, i have seen more than a few of your wonderful YT vids where you rely on New Retirement. talking on a security basis, do you actually link your retirement accounts (Vanguard, Fidelity, Schwab, individual stocks) to your New Retirement account or do you enter the relevant data on a monthly basis? frankly, security is a real issue for me and somehow i imagine Vanguard, Fidelity and Schwab spend more and would do a better job on security issues rather than the good folks who run New Retirement. thanks in advance for any insights you can share. thumbs up.

@msgmak1379 Месяц назад

FYI...I am very security conscious also. In the last two years I've received three letters from large corporations including USAA that alerts me to the fact they were hacked and all my personal data was taken. Good luck. No recourse, they just give you tips on how you can spend your life alerting banks, police etc that it occurred....LOL...

@glen3005 Месяц назад

I'm also concerned about security. I type in my balances on a monthly basis. I will sleep better at night.

@DrBilly90210 Месяц назад

I use NR and don't link accounts to it. In addition to the security concerns, some parts of the accounts at Fidelity (for example) may have different yield estimates & tax treatment. Consider a MM account, stock index fund, and IRA; very different estimates & parameters for each part.

@PJBHolden Месяц назад

Between social security and a small pension, I don’t anticipate ever running out of money

@suzanneemerson2625 Месяц назад

That’s a joke, right? With Social Security benefits on track to being cut 25% soon?

@PJBHolden Месяц назад

@@suzanneemerson2625 yea, they’ve been saying that for 50 years. Minor tweaking will kick the can down the road, just like the rest of the US budget

@Cindy-ee5ou Месяц назад

The biggest mistake is to assume that the world will be the same in 20 years.

@rmkofmd1398 Месяц назад

I haven't checked lately, but annuity rates should be much better now than they were a few years ago.

@johnlittle8267 18 дней назад

I tried new retirement and found it very basic. I couldn't see what was in the details with taxes, Roth, etc. I feel like I need a professional version like Right Capital (instead of new retirement), now in the process of seeing if a company will let me pay for one. Maybe I'll start a business to get it. I know I can pay for a consultation, but I know I'll want to use it longer term but they're expensive. Maybe I'll pay a trial every few years.

@randolphh8005 Месяц назад

The longevity discussion gets warped! Actuaries work for insurance companies. They over estimate longevity due to the need to make money. The government data is more accurate. It is also much lower. There are less than 100,000 people in the USA 100 or over. There are 65 million or so over 65. Planning for 90 for a male is perhaps rational but conservative. Females maybe 95. But, it makes more sense to plan till 90 with a contingency plan. Also most of the very old don’t make their own decisions. As suggested, using a portfolio for a contingency plan is very inefficient. My mother in law age 87 is paying $3700 for a nice ALF in urban Florida. Her SS covers it with rental income from her home helping out. No Portfolio, no problem !

@RichardTouchfaith Месяц назад

I did the New Retirement free comprehensive and the summary said I have a 99% chance of retirement at age 55y0m. You could retire as early as 46y0m.

@davidbiran4572 Месяц назад

Regarding how long people last in assisted living facilities, the number of months quoted is just an average. My father went into a care home at 95 years old, and died just before his 99th birthday. You wouldn't want to run out of money at 97 or 98!

@canyonoverlook9937 Месяц назад

Why not use Wellesley instead of an annuity?

@davearey4922 Месяц назад

Why not use Wellington? Which has a better chance to keep up with inflation, Wellesley Income or Wellington? Or, why not use VYM, Vanguard High Dividend Yield ETF?

@canyonoverlook9937 Месяц назад

@@davearey4922 Wellington is good too. I just mentioned Wellesley because that is an income fund.

@canyonoverlook9937 Месяц назад

@@davearey4922 Wellington is good too. I just used Wellesley because it is an income fund.

@HB-yq8gy Месяц назад

I heard the opposite based on a life insurance expectations longevity. I think the average person will not live to 95 specially men. If you do live longer than that, you have more time to die with zero!

@jayboegs6268 Месяц назад

I got stupid lucky and had to liquidate my 401k holdings to roll in over to an IRA. I missed the -19% 2022. My holdings always fell more than the SP500 so I missed a huge loss. I was not fully invested in 23 so I missed a lot of those gains but I would have needed a 40% gain to get back losses. Dumb luck 🍀

@dathat555 Месяц назад

You can't time the market, but you can benefit from it none the less.

@Hector_da_Goat Месяц назад

I have been struggling with deciding if I should hop into real estate investment or stock but with the current inflation I think I might have to look out for other investment, Inflation is consistently wiping out every saved nickel

@normswan5806 Месяц назад

Way off topic but.... sounds like you have a renovation or are getting a new roof. Very low frequency pounding. Bam bam bam bam bam. Five hits to pound a nail? Lol, periodic through the whole video. But, I kept watching. Anyway, thanks

@RajReviewsDualSportPhotoGadget Месяц назад

👍

@imdoc7872 Месяц назад

My retirement plan is to count on the government to bail me out

@SridharBoppana Месяц назад

Hello Everyone, I am trying to understand the top 5 concerns that every pre-retiree/retiree faces. After reading a lot, I have collected a list of concerns. Which of these would you rank at the top 5? And are there any pressing issues that are not listed here: - Market risk, - Inflation, - Longevity, - Taxation, - Low interest rates, - Market volatility, - Health Care Expenses, - Retirement income (SS income and Retirement account {401k, IRA, SEP, SIMPLE} income), - Sequence of returns risk, - Family security, -Estate Planning, -Travel and Vacation, -Uncertain government policy Thank you :)

@dwood6285 Месяц назад

though not just for those in or near retirement, William Bernstein identified 4 deep risks to investors...inflation, deflation, confiscation, and devastation. With that in mind, I'd put "Inflation", "Taxation", and "Government Policy" in the top 5. Also, cognitive decline is probably tied into the "Health Care Expenses" and "Estate Planning" categories and has the potential to quickly undo many decades of careful planning and investing.

@70qq Месяц назад

🤘🏻

@xlavahott4547 Месяц назад

The two most important financial planning decisions you can make are first, picking your parents, and second is knowing the date and manner of your death.

@garrysinger9704 Месяц назад

I am 71 and my wife is 72 and we are retired. I have two financial advisors I work with who each create a plan for me as well I use my own software (not New Retirement but something similar). I do the same kind of scenario creations and other modeling. After I do all these, I say to myself: SO WHAT? Now what am I supposed to do with all these different outcomes. It's like you are playing with a new toy. I doubt when I am done playing, I will take any immediate action because my toy looked different one minute then the next. For example, I did not need my toy software to know that we needed term life insurance as an income replacement for Social Security if one of us dies. I already purchased it. I purchased long term care insurance years ago before my software toy included it. Loads of other examples. Modeling numbers gives us something to do, but again SO WHAT!

@johnbankston72 24 дня назад

Apparently your modeling shows you won’t run out of money but for others, where the chance of success is very low and / or it shows them running out of money, it could be quite the call to action.