Spending Your Money in Retirement

[/fusion_text][fusion_text]Retirement comes with a lot of adjustments. You need to find a new routine. You need to find something meaningful to do with your time. You also need to get comfortable withdrawing money from your portfolio.

I imagine that learning to spend from your 401k/IRA is a little like the first time I repelled down a cliff at Taylors Falls. It was my first ever campout with the Boy Scouts. We had done lots of safety training beforehand. I was assured by plenty of adults that this was a safe activity. When it came time to try it myself, it still came down to being told to hold onto a rope and then lean back over a cliff. I had to put a lot of trust into the system and a lot of trust into myself to execute it. When you’re half way down a cliff, there’s no turning back.

I know many people have a little bit of that same feeling when I coach them about how to withdraw from their portfolio. Your whole life you have lived with the mentality that you put money into your 401k and you never touch it. It’s a complete 180 degree turn to reverse that and start withdrawing. How do you know how much to spend? Are you on the right track?

My job is to reinforce the idea that we have thoroughly researched sustainable ways to withdraw from portfolios. We can help guide you through which accounts to withdraw from first and how much you can afford to spend. We are confident in your strategy. As you begin to do it, you will get more comfortable with it too. Within a year or two, you will not think twice about it, provided you have a solid plan and good guidance.

I found the same thing with repelling. Over the years I got more and more comfortable to the point where I was seeing how far I could bounce off the rock wall on my way down (all with proper safety equipment, of course). Let me help you have just as much fun with your retirement.[/fusion_text][separator style_type=”single” top_margin=”” bottom_margin=”” sep_color=”” icon=”” width=”” class=”” id=””][fusion_text]

Legal Disclaimer: These posts do not constitute an offer or recommendation to buy or sell any securities or instruments or to participate in any particular investment or trading strategy. They are for informational purposes only. CTW gathers its data from sources it considers reliable. However, CTW makes no express or implied warranties regarding the accuracy of this information or any opinions expressed by the author and may update or change them without prior notification.