Spending Retirement Savings with Craig Kliebert

Research shows that retirees with more than $500,000 in savings spend down less than 12% of their savings over 20 years.

3 min read
Let’s say you have done all the work to establish and follow a plan for your financial future. You get to the retirement date you have prepared for, but you have trouble navigating the mental switch from saving for retirement to spending in retirement. Overcoming this hurtle can help you adjust and live out the retirement you have worked toward.

 Focusing on a shift in this mindset can be something that people often don’t consider. In fact, research shows that retirees with more than $500,000 in savings spend down less than 12% of their savings over 20 years.
Even though this issue is common, there are some steps you can take to smooth the transition:
  • Categorize uses for you budget
Retirement savings does not have to be one bucket of money. Think about the lifestyle, activities, and important costs in retirement. Creating separate accounts for your priorities can help you set up intentional spending. Retirement doesn’t mean you need to go into conservation mode just because you are no longer working.
  • Be agile
As you move through retirement, things in your life or the world may change. Your spending habits could change, or new opportunities could emerge. Your plan is a living document so stay flexible and make adjustments as you need. Maintaining a certain percentage of liquidity can insulate you from unexpected expenses and disruptions in the market.
  • Regularly evaluate your plan
Creating and following a retirement plan doesn’t stop once you reach retirement. Consistently communicating with your financial planner can help you stay on track. Your planner can discuss strategies and review your streams of income so you can keep on top of your retirement finances.
Reaching retirement is a significant accomplishment and the beginning of an exciting new chapter. Working with your financial planner to periodically review and adjust your plan can help keep your retirement years on track.
If you have questions about this transition, please reach out to our team. We would be happy to help.              
Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. The Shobe Financial Group is not a registered broker/dealer and is independent of Raymond James Financial Services.

Any opinions are those of Craig Kliebert and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. The information being provided does not purport to be a complete description of the securities, markets, or developments referred to in this material, nor is it a recommendation. Investing involves risk and investors may incur a profit or a loss. This is a hypothetical illustration and is not intended to reflect the actual performance of any particular security. Prior to making an investment decision, please consult with your financial advisor about your individual situation.


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