SummaryIn this episode, Kyle and Kolin discuss a case study of a married couple near retirement. The couple plans to retire in 12 months and has a planning life expectancy of 90 for the wife and 85 for the husband. Their primary insurance amount for Social Security is $2,800 and $2,200 per month. They have a net essential spending goal of $6,000 per month with a 4% cost of living adjustment. The couple has a total asset value of $1.7 million, with a heavy emphasis on tax-deferred accounts. Their concerns include maximizing spending early in retirement, tax planning, and investment strategies for the fragile decade. The solutions discussed include Roth conversions, tax-efficient planning, and adjusting income based on portfolio performance.Takeaways
- Plan for retirement by considering life expectancy, Social Security benefits, and essential spending goals.
- Maximize spending early in retirement without sacrificing the longevity of savings.
- Implement tax-efficient strategies such as Roth conversions and understanding the impact of taxes on retirement income.
- Consider investment strategies to protect against market volatility during the fragile decade of retirement.
- Regularly review and adjust income based on portfolio performance and market conditions.
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