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April 13, 2026

How spending shocks affect retirement planning

  • Two risks for retirement spending: unanticipated early retirement and big long-term care outlays at the end of life.
    • By CHRISTINE BENZ
    Morningstar

    mug
    Benz

    Market performance tends to dominate the conversation about risks to a retirement plan. But spending shocks can also curb a retirement portfolio's longevity. In Morningstar's research, we examined the implications of two major types of spending shocks: unanticipated early retirement and uninsured long-term care expenses at the end of life. The former may necessitate spending over a longer period, often with higher healthcare costs in the pre-Medicare years, while the latter can translate into an effective “balloon payment” toward the end of life.


     
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