Benjamin Franklin once said, “By failing to prepare, you are preparing to fail.” However, when it comes to planning for retirement, it may not be a bad idea to develop a strategy that takes into consideration unexpected challenges that could arise.
An unanticipated scenario in retirement might include or an adult child moving back in after a job loss or even returning home with grandchildren in a major medical issue, debilitating illness, tow after a divorce. Many people create an income plan for retirement’s best-case scenario, but it may be a good idea for them to consider what may happen to their retirement income if a challenging situation were to arise.
Perhaps a better approach would be to create a strategy for potential obstacles. That way, if you ￼happen to make it through retirement with no unexpected financial issues, you could potentially be able to leave a larger inheritance for loved ones.
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