Ep 93: 5 Things to Know About Decumulation

Today's Hack

How hard or easy is it to spend your retirement savings? On today’s show we talk about the process and how to get it right.

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Show Notes For This Episode

Other Retirement Facts:

A lot of times we talk about accumulation of wealth, but what about decumulation? When you
retire you often start spending the money you’ve saved for retirement. It’s pretty easy to
accumulate, but the decumulation process may involve some strategy and a lot of moving
parts to do it right.

As this decumulation occurs, you need the right support. Spending might seem easy, but
there could be a fear of overspending and running out of money. As the balance goes down
it can feel scary, but remember that’s what the money is there for in retirement. If you have a
spending plan, you’ll have a good idea whether or not you have enough.

There are risks that drive up fear, but your plan should build in risks to manage it. Are your
taxes being efficiently managed? Taxes should be a significant part of your plan, but it’s
often overlooked.

Do you have an income structure for retirement? There are a lot of ways to structure it. How
much of your income is guaranteed (and how much should it be)? There are always pros and
cons to whatever your structure is, so it’s important to set it up in the way that best suits your
needs. It’s okay to spend down your money, as long as you have a plan in place on how to
do it. Have you talked about your decumulation plan with an advisor?

Listen to the entire episode or use the timestamps below to skip ahead.

[0:24] – Today we are on location: on vacation!

[1:19] – Let’s talk about decumulation.

[2:06] – Do you have the proper support?

[6:13] – Do you have the confidence in your plan, even with the risks?

[7:30] – How do your taxes fit in?

[8:42] – Having an income structure is key.

A Quotable Moment:

“An advisor is just that—an advisor. They’re there to give you advice, tell you pros and cons, walk you through that, hopefully bring some reason to the decision. But at the end of the day, it’s your plan, your money.”

-Phil Putney

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pputney@afswealthmgt.com

22029 Farmington Rd, Farmington, MI 48336