I decided to record this episode as a follow-up to Ep. 30 given how many questions and discussions I've heard from listeners. If you have not listened to Ep. 30 (link here), you should go back and listen as Cody Garrett joined me to talk about the challenge of psychologically going from "Saver to Spender" in retirement.
However, many of the follow-up questions were about what tactical action items you could take to get comfortable with "spending" down your retirement nest egg.
There are 7 potential tactics and philosophies you could adopt, but be sure to coordinate these concepts with a comprehensive financial plan.
Here are some of the resources I referenced in the show:
-The Retirement Planning Education Facebook Group
- Changes in retirement spending behaviors over time (Michael Kitces article)
- Bill Bengen's original 4% rule study
- Immediate Annuity (SPIA) rates
- IRS single life expectancy tables
***Just a note here, I meant to add that the "Required Minimum Distribution" is based on qualified tax-deferred accounts including IRAs, 401ks, 403bs, TSPs, etc. Roth IRAs are exempt, non-qualified brokerage accounts are exempt, AND Roth 401ks/403bs/TSPs will be exempt from RMDs beginning in 2024.
- Ep. 14 from The Retirement Planning Podcast (Retirees - Stop Underspending in your Go-Go Years)
-Using the Guardrail Withdrawal Strategy to Increase Retirement Income
-Guyton and Klinger Guardrail Decision Rules
If you are interested in working with me 1x1, visit my website:
https://imaginefinancialsecurity.com/
You can email me directly at [email protected]
I hope you enjoy this episode!
-Kevin