Too many retirees believe that they don’t have to do any planning in retirement. They spent years saving for their retirement and now they think they can coast. WRONG!
There are hidden tax traps waiting for the unsuspecting. For instance, If you want $75,000 per year in retirement, is that before or after taxes? If it’s after taxes, that could mean withdrawing $90,000 per year before tax. Will your portfolio last for 35 years if you withdraw $90,000 each year adjusted for inflation? After 15 years, to keep your purchasing power of $90,000 at 3% inflation you would need to withdraw $140,217!
To find out more about planning during your retirement years, reach out to us today.
Mychal Eagleson, CFP®, ChSNC®, AAMS® is the President of An Exceptional Life Financial, a firm that specializes in financial planning for teachers. He frequently writes and speaks on teacher finance topics and is passionate about helping teachers plan for the future so they can utilize their finances to live exceptional lives. Mychal also serves on the boards of the Financial Planning Association of Greater Indiana as the Director of Public Relations & Social Media and the Pike Township Educational Foundation as the Chair of the Strategic Planning Task Force and a member of the Finance Committeee. To read more of his articles and learn about how you can work with him, visit: www.anexceptionallifefinancial.com