Sustainable Withdrawal Strategies to Make Your Money Last in Retirement

Boomer Banter, Real Talk about Aging Well

Are you worried about whether your retirement money will last? You’re not alone! In today’s episode, we’re diving into the nitty-gritty of calculating a withdrawal rate from your retirement account. We’ll unpack the famous 4% rule and see if it’s still the best way to plan for our golden years, or if we need to rethink our strategies.

Joining us is the insightful Bill Bengen, who’s got some fresh ideas on how to stretch that nest egg while keeping your peace of mind intact.

This conversation is all about empowerment. Bill explains how he re-evaluated the 4% rule and introduced concepts like SAFEMAX, which helps tailor withdrawal rates to your personal situation. But it doesn’t stop there; we talk about the importance of understanding inflation and market conditions, and how they affect your retirement dollars. Bill's easy-to-follow advice means you don’t need to be a financial expert to make your money work for you.

Takeaways:

• Retirement planning isn't just about the numbers; it's about quality of life too.
• The famous 4% rule is still a popular guideline, but newer strategies may be smarter today.
• Inflation is a sneaky enemy that can erode your retirement savings faster than you think.
• Be flexible with your spending and adjust your withdrawal rates to match market conditions.

Links referenced in this episode:

• For more information about Bill Bengen, tables to use to calculate your retirement withdrawals and his book go to bengenFS.com
• Wisdom at Work: Older Women, ElderWomen and Grandmothers is an inspiring podcast by Ilana Landsburg-Lewis. Access all the episodes here: wisdomatworkpodcast.com
• What to know your "Stuck" Type in retirement? Feeling bored, unfulfilled, like you have not purpose anymore? Check out my quiz, "What's Keeping You Stuck" to learn more and get resources to help you get unstuck.