Retirement planners use dubious assumed models. They take into account investments, forms of diversification, along with outlay plans, and other probabilities. One may be Monte Carlo simulation, a well-known model used by investment advisers for this purpose. But such planning fails to work for many reasons.
A major financial market meltdown is one. And other unforeseen events happen; illness, a job loss, business failure, unexpected educational expenses. The result of a lifetime of planning is often failure.
The solution is to be realistic. Be prepared to work at least part-time past what you had originally thought would have been retirement age. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)
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