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4% of $300,000 is $12,000, which means that they would need to cut their current spending by about half for this to work. Currently, they have no interest in cutting back or increasing income.

Well put.

When I read something like this, I shake my head and smile sadly.

Cut back, as you said, and they should be fine.

BTW, we live on maybe $30K a year, most of that SS plus some money I take from an IRA that I actively manage myself, and have for about 10 years. We have a small mortgage, eat out most days for lunch or dinner, pay our other bills, and basically enjoy life just fine.

These people lack a sense of reality, and, unless they wake up and smell the coffee, they perhaps WILL run out of money in 8 years (or so)!

And that is just plain dumb.

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