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Episode 3317:
Darrow Kirkpatrick explores the two dominant schools of retirement income planning: probability-based strategies, which rely on investment growth and withdrawal methods, and safety-first approaches, which prioritize guaranteed income through annuities or bonds. He highlights the strengths and pitfalls of each, noting that the most practical solution for many retirees is often a thoughtful combination of both philosophies.
Read along with the original article(s) here: https://www.caniretireyet.com/are-you-feeling-lucky-the-two-schools-of-retirement-income/
Quotes to ponder:
"In the safety-first philosophy, you, or a financial planner, match guaranteed income to essential expenses."
"A failure probability in the neighborhood of 10% is often considered acceptable. That’s one chance in ten."
"Failure is defined as running out of money before running out of life."
Episode references:
Michael Kitces: https://www.kitces.com/
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