The Walk - is the cinematic story of Philippe Petit, the French
high-wire artist who devised a plan to walk on a tightrope between the towers of
the World Trade Center.
Historically it was a feat of great daring that took
meticulous planning to cross from one point to the other. Petit planned and
trained for six years for the tightrope crossing know as the Artistic
Crime of the Century. He had to calculate the sway of the buildings, how
to get the wire across, the impact of wind at that altitude, weather and many
other factors to cross the fixed distance.
While this is a daring and historical accomplishment, the
one thing that made it easier was that Petit had a fixed goal in mind. He knew
how far his destination was and what he needed to do to accomplish his goal.
Petit had a plan.
By contrast, retirement is a far more challenging and
nebulous prospect. A person cannot know where they will end up, what supplies
they will need for the journey or how long the journey will be.
The thought is so overwhelming that some people choose to
ignore the prospect of it.
Indeed there are many risks in everyone’s future. That’s the
scariest thing about the unknown.
The biggest risk to your retirement is… living it.
It is
known as “longevity risk” and refers to the possibility of outliving one’s
retirement funds.
Most people know that they must plan for retirement. But
when no one can really know what the future holds, how is that achieved?
The best way to plan for your future is to be over prepared.
That may sound
silly, but since life expectancy is steadily increasing and market volatility
is here to stay, running out of income and funds during the retirement years is
a distinct possibility.
The alternatives may not be pleasant.
Some people believe that the government will provide for
them - especially during retirement. However, the rate of senior population is increasing steadily over other
population demographics. By the year 2035 it is expected that 20% of the
population in America will be over the age of 65. It may become completely un-sustainable
for government programs.
Each person must plan for their own future to have security
and peace of mind.
Over the next few weeks I will be sharing some strategies to
take the fear out of outliving your funds.
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Sources:
Lynda at Sonoran Sun | Private Equity Investments
Sources:
Lynda at Sonoran Sun | Private Equity Investments
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