Retirement Withdrawal Strategies + Excess Roth IRA Contribution Q&A

Retired-ish

Retirees and pre-retirees often struggle when it comes to spending down their nest-egg in retirement because of the fear of the unknown. No one wants to run out of money too early, yet most people would also like to enjoy what they’ve worked so hard for. So how do you find that balance? How can you know what you can spend, and for how long? Living off of your wealth is entirely different than building your wealth. Without a retirement spending strategy, most people are going to either end up really worried about running out too early throughout their retirement, but end up leaving a pile of money on the table when they die, or running out of money too early in retirement – which for some, can be scarier than death itself

More specifically, I discuss:

• Why are retirement withdrawal strategies important?
• The main types of retirement withdrawal strategies
  • Systematic Withdrawal Plan/Constant Dollar
  • Time-Based Segmentation or “Buckets”
  • Floor and Upside
  • Dynamic Spending Strategy
• Variations and examples of real-world withdrawal strategies
• Strengths and weaknesses of the different retirement income strategies
• LISTENER QUESTION: Excess IRA/Roth IRA Contributions

Resources:

• Access Show Notes and Sign Up for the Retired·ish Newsletter HERE
• Free Retirement Jump-Start Analysis
• Ask Cameron A Question!

Key moments:

00:00 Decades of work for retirement, learning to spend. 05:09 Customized retirement planning requires personalized, flexible strategies. 07:15 Customize retirement income strategy to meet financial goals. 13:57 Constant Dollar Strategy / 4% rule 16:36 Time Segmenting and Bucket Strategy 22:28 Floor and Upside Strategy 27:20 Dynamic Withdrawal Strategy 34:47 Listener Question: Excess IRA/Roth IRA Contributions