I am 63 yrs. old & have within the last couple of years started reading & asking questions about investing. Prior to this I have had money in 401K's & annuities.I cannot come to a reasonable conclusion regarding the advantages of investing for the "long term" which is recommended in every thing I read. I mean when your my age, how "long term" are we talking about? I can't for the life of me put a numerical value on the expression "long term". Does this vary from product to product & individual to individual? Is there some "magic" number that can plug into all instances? My goal is not to leave my heirs as much as possible but to have enough to be comfortable for my duration. If in striving to accomplish "long term" results, we eliminate our own enjoyment of the fruits of our labors, what have we accomplished? Any light shed on this issue will be appreciated.
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