Also called: Plan Through Age, Life Expectancy
The risk of outliving your money. For a couple, the relevant horizon is the age of the second death, which is later than either person's individual life expectancy.
RetIQ separates two inputs. Plan Through Age is how long the plan must hold up and should be set conservatively. Life Expectancy, if set below it, is the age at which a spouse is assumed to die, after which the plan continues for the survivor.
Delaying Social Security, annuities and pensions with survivor options all convert savings into income that cannot be outlived.