Daily Money - Avoid This Social Security Mistake

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This week in our Retire with Money Facebook group, members discussed this provocative article, by a hedge-fund manager who says he's "determined to die with zero" dollars. That is, he's going to spend down his savings while he's still alive. He has a point — some people end up robbing themselves of wonderful experiences by saving too much. But given all the unknowns, it's very hard to know how to pace yourself when withdrawing from your nest egg. As one member wrote, "If you just tell me when I'm checking out, I'm with you." 

In my opinion, the author didn't adequately address potential long-term care costs. He mentions long-term care insurance as a way to transfer that risk to a company, but most long-term care policies these days limit the payout to several years' worth of care. Yes, the average stay in a care facility is only a couple years, but dementia patients often need care for much longer than average. And independent of this kind of long-term care, medical costs can soar toward the end of life.

Bottom line? It can be very helpful to work with a fiduciary financial advisor to help you pace your withdrawals. An advisor can model numerous scenarios for market conditions and longevity and give you permission to spend if warranted.

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Elizabeth O'Brien is deputy editor at Money. She has covered retirement and health care for nearly a decade. A Brooklyn resident and mom of two boys, she navigates the alphabet soup of Medicare and the New York City subway system with equal ease. You can email her at elizabeth.obrien@money.com and follow her on Twitter at @elizobrien.