The art of the lifetime savings hypothesis is that you should die around and about when you run out of money. Or, obviously, run out of money around and about when you die:
All Creatures Great and Small star Robert Hardy had only £165,000 in his will.
Good planning there.
A mixture of lifetime gifts to the children, a solid pension or annuity which dies with you, some cash of course for uncertainty. But we pass this way but once, enjoy it while we can but really do try not to run out.
Of course, that lifetime savings hypothesis, along with income smoothing over time, must be wrong for it is neoliberalism associated with Milton Friedman. It’s just remarkable, for something so obviously wrong, how often it works out that way.