One of the bigger fears for retirees is outliving their wealth, especially if relying largely on Social Security benefits, prompting many to adopt a more conservative spending approach.
While it is vital to avoid running out of cash in retirement, being overly conservative in a retirement portfolio may come with its own risks, especially regarding missed capital gains.
Retirees should either invest in insurance policies to mitigate risks or ensure they have ample cash and sources of passive income for financial security.
Thinking through various scenarios for the future and preparing accordingly, while avoiding catastrophizing, can help retirees better navigate potential financial emergencies.
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