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Retirement Planning Strategies For Your 70s

They are the years you will likely have worked and saved for many of your life: the retirement years, when you're able to leave the eventfulness of the ?Monday-Friday, 9-to-5? work world and luxuriate in doing many with the things you never did actually have time for earlier in your own life.

By their late 60s and 70s, most Americans have either left the workforce altogether or scaled to part-time work. But this doesn?t imply retirement planning ceases to be crucial in your 70s.

Budgeting and Portfolio Distribution

From a monetary standpoint, the main aspects of retirement planning in the 70s may be budgeting and portfolio distribution. We talked briefly about budgeting in your last article. Since your income during retirement might be relatively stable because you withdraw money from a retirement account and perchance receive Social Security benefits monthly, it will likely be important to plan and budget your retirement expenses carefully.

When it comes to portfolio distribution, try to determine how much money you'll be able to withdraw from the account monthly to meet your budgeted retirement living expenses without jeopardizing your portfolio?s long-term future. Two common portfolio distribution strategies are withdrawing a group dollar amount of money every month, or withdrawing a percentage with the account balance every month.

With the set dollar amount strategy, the volume of income is more predictable, that might make personal budgeting easier. However, the share strategy provides with additional control over the funds withdrawal rate as well as the portfolio?s overall drawdown. Ideally, you may want to try and plan your retirement budget so that you'll be able to live off from the income (or interest) generated by your investments and then leave the principal intact. This will help make sure that you don?t outlive your retirement amount of money, and might also enable you to leave an inheritance for your heirs.