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I don’t think that most people would even WANT to “pull the plug”. Why would they?
401/403 plans are all over the place when it comes to choices and many workers just put their money in what they were recommended to put it in. I say this based on conversations over the years with people who legitimately were not sure what they had checked off when they filled out the form.
This is one of the reasons the age based mutual funds became popular because they adjusted with age.
I really think one of the reasons so many older workers got burned in the Great Recession because they were in funds they had held for years without reallocation.
I wonder if a lesson learned by some is to take there money and run and to not return at at any point. Or to stay and just roll with the punches even when they are to old to take a punch.
But even at 65 you have long term money mony you won’t use to eat for 20-30 years ...being to conservative has a history of being far riskier.
You can’t protect people from themselves if they do the wrong thing. Even balanced funds show the same level of bad behavior
Ummm, yes but at some point your horizon begins to shrink and you begin to come to grips with your own mortality.
That happened to me last year when I was doing our age 70 review. Suddenly ten years was age 80 and 20 years was age 90. Our thirty year projection was age 100.
Couple that with folks you know passing away and developing serious illness.
Depending on your particular situation you may tend to modify your allocation/portfolios and perhaps most importantly your risk allocation.
I/we did!
Remember some may never need to eat their money other than major discretionary expenditures.
Not everyone will have a 21 to 30 year retirement horizon. In fact I've read numerous posters who opine, based on their underlying existing health issues and/or various hereditary factors, they expect to maybe have 10 to maybe as much as 15 to 18 years in retirement, assuming they retire around 60 to 65 yrs old, and considering the average lifespans according to actuarial tables.
Of course it's still important to plan for the future and better to not run out of money before running out of time, but ultimately each person has to determine what is a reasonable and expected time horizon for themselves and adjust their allocations accordingly.
I wonder how many will get out of the market when/if it hits around 4%? Would you? I wont but I also have fixed income products in our portfolio to make sure we have enough to live on.
Not everyone will have a 21 to 30 year retirement horizon. In fact I've read numerous posters who opine, based on their underlying existing health issues and/or various hereditary factors, they expect to maybe have 10 to maybe as much as 15 to 18 years in retirement, assuming they retire around 60 to 65 yrs old, and considering the average lifespans according to actuarial tables.
Of course it's still important to plan for the future and better to not run out of money before running out of time, but ultimately each person has to determine what is a reasonable and expected time horizon for themselves and adjust their allocations accordingly.
Even though only 1 in 4 make it to 90..you have to at least plan for it. Worst that happens is you go earlier and leave it to family. Not having it would be a bigger disaster.
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