Many people have the same question about their retirement withdrawals. That question is, “Will I outlive my money?”. The fact of the matter is that most people will take too much money for their retirement withdrawals, and initially do not have enough money saved anymore. This creates a dilemma and leaves people wondering what they should do. Running out of money when you are retired is a scary thing to think about. In this video from Mullooly Asset Management, Tom and Brendan discuss how people can beat the odds and have enough saved to retire on.
Many people do not know whether to take a fixed dollar amount for their retirement withdrawals or to take a fixed percentage. The answer is the both can be a bad decision! Tom will explain how taking a fixed dollar amount means that you will be taking a larger percentage of your money as your retirement withdrawal every time you need money. However, taking a fixed percentage is not the best idea either because that means your retirement withdrawals will become smaller when you need them more.
There are ways to beat this issue and retire with enough money so that you will not have to worry though. The steps in the process include moves that you should be making right now, like getting out of debt as soon as possible and also avoiding large losses on your investments. If you are worried about your future retirement withdrawals, this video is for you!
Mullooly Asset Management fully recommends that our listeners and readers speak with an investment adviser before they make any decisions to buy or sell any investments. Also if you do not have an investment adviser currently, you should not hesitate to contact us at Mullooly Asset Management. None of the securities mentioned in this blog post or in the video are considered specific investment advice.
You can download the audio of this presentation on iTunes for free along with all the other Mullooly Asset Management podcasts!