No. of Recommendations: 3
They made the mistake of thinking that the good times were permanent, and retired without enough money.

True. Maybe phase 4 should be divided into those that were successful and those that were not. It's not until you actually retire that you can be successful or fail.

But the only way you know if you had enough money is if it does last. Pension companies can fail. Accounts can be drained. Annuity companies can fail. Insurance companies can fail. Uncovered medical bills. Divorce. Liabilities could occur. Etc. Etc.

Sure, more money could make those things irrelevant, but no one is going to plan for the worst case. Very few people would ever retire if they had to account for everything.

Would your liability insurance cover accidentally running over the neighbor's 3-year-old kid while backing out of the driveway, and turning her into a quadriplegic that requires a lifetime of expensive medical care?
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