So much about retirement planning is about making smart money decisions to get you to the time when you’ll retire. But what about managing your money after you retire? Decisions like: When should I start claiming Social Security? How much should I withdraw from my retirement funds this year? Is this the time to downsize and move to a smaller, more affordable home with fewer stairs and less maintenance? The latest “Friends Talk Money” podcast episode has some advice on finanical planning after retirement.
Host and financial expert Pam Krueger says there are two main financial goals at retirement: Protecting your money so you don’t lose it and being accurate about your forecasts for your retirement spending and retirement income. Jason Lilly, a retirement planning expert in Cape Cod, Mass., says on the podcast: “You need to know exactly what money is coming in and tracking exactly what’s going out.” If you don’t, when unexpected expenses come up, you might have trouble dealing with them.
Travis Iles, a Texas securities commissioner, says that once you retire, you need to be especially cautious about financial “advisers” making unrealistic investment promises of super-high returns with no downside risk. “My father’s in his late sixties and I receive a lot of his mail,” Iles says. “It’s astounding to me the financial products folks are trying to sell him.”
You can find this summary article on NextAvenue.org.