Social Security and a pension totaling $60,000 per year helped her meet her starting income goal of $150,000. The balance of $90,000 was coming from her $2 million in retirement savings.
Even after having to draw down part of her personal savings to make her income goal, she also was leaving a solid legacy, assuming historical market returns. She used a traditional income planning approach relying only on her investments. She was fine and felt reasonably secure.
As with many like her, including financial pundits, she didn’t anticipate market gyrations for anything like what happened next.