Let us say you're aiming to retire at 65 and live until you're 90 or even older. To make your savings last and cope with the effects of inflation you will need to sustain yourself for an extended period. Consider this scenario - You have $500,000 saved up by the time you retire. A common approach is to withdraw 3 or 4%. At a withdrawal rate of 4% that would be $20,000, per year. However, if you end up living until 100 years old this amount might not be sufficient anymore. This highlights how important it is to continue saving and allowing your investments to grow.
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