If I had a dollar for every time I heard the expression that you need to make sure your money outlives you, I would probably be retired 15 times over by now. It seems that this is the big signpost in front of all clients’ eyes.

However, there are a number of financial planners out there who aren’t so sure about that conundrum. For example, a highly reputable and pretty smart investment advisor named Ty Bernicke, head of Bernicke & Associates in Eau Claire, Wisconsin, completed a study about 18 months ago, which was published in the Journal of Financial Planning, and which concluded that Americans apparently are overestimating how much they really need in retirement. Bernicke may just have touched a very important button.

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