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
Risk Survey: https://www.chessmanwealth.com/#survey-section
Retirement Planning Quiz: https://www.chessmanwealth.com/retirement-planning-quiz/
Chessman Wealth Website: https://www.chessmanwealth.com