Aug 30, 2021
Welcome to a new week and a new theme here on the One Minute Retirement Tip Podcast. I’m your host Ashley Micciche, co-owner of True North Retirement Advisors, an independent financial advisory practice managing $325 million in client assets. I’m a Chartered Retirement Planning Counselor, a frequent speaker, radio and podcast guest, and I love talking to anyone who will listen about making a plan for the retirement you envision.
The theme this week on the One Minute Retirement Tip podcast is: New Research That Will Shatter Your Expectations About Spending In Retirement.
The conventional wisdom on retirement spending says that your real spending (after adjusting for inflation) will remain flat in retirement. But new research that followed retiree spending habits over a period of 14 years, suggests that retiree spending will decline by about 2% annually and the drop in spending is even greater among high net worth individuals. This is good news, because it suggests that if you are like those in this study, you’ll be less likely to outlive your retirement savings and you may have more flexibility that you might realize in your retirement spending.
So this week, I’ll share with you the details of this new research and how it may shift how you think about your own spending as you transition into retirement. The findings are crucial to your retirement spending and lifestyle decisions as well as how much you might need to save today to live a comfortable retirement.
If you want to read the complete report on the research findings published by T Rowe Price, I’ll link to it in the show notes: https://trowe.com/3y6eCSs
I hope what I have to share with you this week will help you make smart and thoughtful decisions with your retirement. And while I am careful to not lead you astray, personal finance is not an exact science. There is no one-size-fits-all solution for everyone, so I encourage you to disregard anything I say that may not be helpful for you, and to consult your own financial, tax, and legal advisors regarding your own individual situation.
That’s it for today. Come on back tomorrow, when I’m talking more about the conventional wisdom and commonly dispensed advice about retirement spending from retirement experts and financial advisors like myself. Are we wrong? We’ll explore that tomorrow.
Thanks for listening! My name is Ashley Micciche...and this is the One Minute Retirement Tip.
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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance