You need to have plans in your budget for lumpy expenses like replacement cars, a new roof, dental bills(don't ask!), home improvements/repairs, etc. Since I retired there seems to be some large lumpy expense in about 1 out of 2 years.I think I’ve made it but would like people’s opinions on anything I’ve missed.
One of the problems with many retirement calculators is that "failure" sounds like a dire situation where you end up broke and dead. In reality "failure" might be something more like you need to cut your spending by 10% when you are 75 if your portfolio is doing worse than hoped for or you might need to tap your home equity. If you are not planning a bare bones retirement you may have lots of "plan b" options.One of the many calculators I've used which shows a 5% failure rate but a 10% chance I'll be dead anyway. Seems like ok odds.
Statistics: Posted by Watty — Thu Sep 26, 2024 8:47 pm — Replies 2 — Views 392