GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you might read more about oureditorial guidelinesand our products and servicesreview methodology.
Learn More:How Much Does the Average Middle-Class Person Have in Savings?
But theres a valid argument to be made for someone planning to run out of money in retirement.
Heres what they said.
And here is what other people are planning to do with their generational wealth.
We consider it fine if they get $10,000 or $100,000.
If they get $1 million or more after we die, we made a mistake.
At a certain point, that might just mean spending rather than building your wealth.
The important thing is to have a safety net.
It isnt a YOLO thing.
It is a planned effort to wind down their wealth.
There are finite resources on this planet, and money is really just an allocation of those resources.
As it will turn out, in themost technical way, I did not need it.
Somebody else probably actually did.
Of course, its more complicated than that.
He gave the following example to illustrate this:
Ive seen countless examples of people moving up in retirement.
Oh, and that house also has afull-size basketball court and movie theaterin it.
It seems like our operative question in retirement isnt, What do I need?
The operative question is, How do I get everything that Ive always wanted?'
This is true whether you plan to run out of money in retirement or not.
Im human, and therefore I worry about my own well-being, Gleason said.
Having extra seems like a really comforting way to account for that possibility.
More From GOBankingRates
Share This Article:
