The Money Knight

Ep 50: 5 Things You Need to Know About Decumulation and Retirement

September 16, 2021

Financial planning often focuses on the accumulation of wealth. But what about spending after we retire? What happens when we get to the decumulation phase of retirement? Spending will eventually happen whether that comes in the form of taxes or something else. Having a plan will help mitigate seen and unforeseen financial risks that may occur after retirement. Replacing our paycheck may sound daunting, but having a plan will be an essential part of establishing a stable financial future. On today‘s episode we discuss 5 key things you must know about decumulation to successfully retire and become financially independent. 

 

What we discuss on this episode: 

1:00 – Catching up with Wade

2:35 – What is decumulation?

3:50 – Lack of support and resources

6:20 – The fear of spending

8:52 – Numerous risk

11:05 – Tax consequences

12:55 – Leverage your lifetime income

16:30- Mailbag: financial planning and divorce

 

More Resources: 

Risk Survey: https://www.chessmanwealth.com/#survey-section

Retirement Planning Quiz: https://www.chessmanwealth.com/retirement-planning-quiz/ 

 

Important Links:

Chessman Wealth Website: https://www.chessmanwealth.com

Call: 214-572-2120