Retirement cost predictions are challenging due to uncertainty. The planning system relies on educated guesses informed by historical data, which generally remain stable. However, factors like healthcare costs must be considered as they are likely to rise faster than inflation. Being financially ahead of existing benchmarks indicates a strong financial position, even if the benchmarks themselves involve sophisticated estimates about future expenses.
It's impossible to precisely predict what retirement will cost decades from now. The whole system of retirement planning is built on educated guesses.
The educated guesses used for retirement planning are based on historical data, which offer the best insight we have for future expenses.
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