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Don’t Make Me Say I Told You So 257

To avoid running out of money, there are several ways to give
yourself the best chance to succeed:

► Go into retirement with as little debt as possible.

► Keep working longer.

► Come up with a spending plan and stick to it. Many
people make a budget for retirement income, then
ignore it, and unplanned expenditures start to take big

bites out of their nest egg.

► Invest so that your return is sufficient to provide the level

of assets that will sustain income over your lifetime.

Investment Risk

Over the last several years, we’ve experienced severe market

volatility. Many retirees, and people who had hoped to retire,
have seen market declines dramatically alter their retirement

planning. For many who are already retired, a loss of principal
has meant sleepless nights and a need to reduce the amount of

income they take from their investments. To avoid retirement
losses in retirement:

► Come up with a solid investment plan and stick with it.

► Don’t take more risk than you are comfortable with.

Chapter 6: Your Action Plan