"After I retired, I found it was more difficult to manage my money because you need to come up with a draw-down strategy that'll provide you with lifetime income, while minimizing," Friedman, who retired at 58 after a three-decade career in manufacturing, told Business Insider.
Friedman is far from the only retiree to harbor these concerns. Financial optimism tends to decline as people age, according to a 2017from United Income from Capital One. Often, they become less confident in the stock market and their own investment portfolio. As a precaution, many downshift their spending when they really don't need to.
According to Richard Thaler, the 2017 winner of the Nobel Memorial Prize in Economic Sciences, devising a smart decumulation strategy is a roadblock most retirees encounter, Business Insider's Akin Oyedele"That's a problem that gives the best mathematicians headaches because you don't know how long you're going to live, you don't know how long your spouse is going to live, you don't know what the markets are going to do," Thaler said in anFor Friedman, now 68,...
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