(For related reading, see: R etirement Planning: Complete Your Bucket List on a Budget .) 3. Utilizing an Unsustainable Withdrawal Percentage From Your Assets There was a rule of thumb that came out in 1994 called the 4% rule , and the premise behind it was essentially if you were to withdraw 4% of your assets each year you would never run out of money in retirement. Fast-forward to 2013, and an article was written that warned the withdrawal rate should not exceed 2.5%. This is not surprising given that people are living longer and interest rates across the board have been so low for so long. 4. Not Having a Long-Term Care Strategy in Place There are many ways to prepare for needing a nursing home or in-home care down the road. Certainly self-insuring or paying out-of-pocket is one strategy many people use. However, given that the average stay in a nursing home is about 2.5 years, and the average cost of a private room in Tucson is about $90,896 per year, this means you probably need over $227,000 in available funds to utilize this strategy. Purchasing traditional long-term care (LTC) insurance is always an option, but you do have to qualify for it, it can be expensive and most policies are use-it-or-lose-it. There are newer strategies that now exist which cover both nursing and in-home care costs without the typical objections people have with a traditional LTC policy. (For related reading, see: Taking the Surprise out of Long-Term Care .) 5.

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