David I Gensler, MSPA, MAAA, EA
Some of us do a really good job of planning for the future. Many of us do not. In trying to gauge how much we need to save for retirement, we assume that our life in retirement will be pretty similar to the life we led before we retired. We forget that our paycheck serves as our ultimate “goalie.” If the refrigerator breaks and we need to buy a new one or if we get into a car accident and need to go out of pocket on our deductible, we always have the money we earn from working to back us up. Of course, we don’t really plan for these painful financial events; they happen and we swallow hard and just deal with them.