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c:I do not think these risks are the same. I think the risk of running out is much greater. If a person runs out of money when they are reaching the end of their life, they ar facing increased health costs, increased nursing home costs and very fews way to go back to work. I think it is irresponsible to quit work one year earlier if it dramtically increases your chances of having to freeload off of society to pay for your late stages of retirement.

I agree that the downside of running out is far greater than of working another year. However, it is also very controllable and I think it's a calculated risk. There is ample evidence that the returns on your portfolio in the first 5-10 years pretty much dictate your survivability. So, you will know pretty early on whether or not it's smooth sailing or whether you need to go find a job with benefits. Working part-time at even a minimum wage job can really help your portfolio survival, I think its a valid option if things start to fail. Now, blindly staying put in retirement when you know your portfolio will probably not survive is irresponsible, but that's a different issue.

If you work 3-4 years extra to be more comfortable with your decision you can never have those 3-4 years back. If you retire too early and you have to go back to work for 3-4 years it's essentially a wash.

st
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