How to Spend Money in Retirement
In today’s podcast, we discuss what spending should look like in retirement.
Most people spend their adult lives saving as much as possible for their retirement, but no one talks about the best way to spend that money. Maurice breaks down the common spending trends in retirement from the first ten years to the last ten years and what the best habits are in order to lower taxes and continue bettering credit. Retirement is meant to be spent, so tune in to find out more about how to live out your golden years in style while keeping that budget intact!
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“Imagine you're planning a vacation and you're looking at the weather and packing your bags, but you don’t plan an itinerary for when you actually get there, this is what people are doing when they save for retirement but aren't planning on how to spend their money.” - Maurice
“Most retirees will have most of their money coming out of an IRA which means you will always have to be running the tax numbers in your head, and the best way to avoid that is to have a fixed amount of money you're pulling out” - Maurice.
“Plan for a thirty-year retirement or longer “- Maurice
“You want to make a big-ticket bucket list that lists out everything you want to do in your first ten years of retirement and add all of it up, which I'm guessing would add up to about 100,000 dollars.” -Maurice
“It's best to avoid big withdrawals by financing instead.” - Maurice