Here’s the first thing to remember about withdrawing retirement money: It’s all about the cash flow.
The second thing? You might want to get some help managing it.
America is hitting a phase some experts call Peak 65, with more than four million people turning 65 in 2024, 2025 and 2026. According to one survey, that’s an average of 11,200 people every day each of those years. Whether they’re retiring or getting ready to retire, a huge number of workers will need to significantly change how they think about their finances.
After decades of building a nest egg, retirees must suddenly switch to making sure that money lasts for nearly 30 years — or even longer.
“While you’re working, what we prioritize is building net worth over time, aiming for the highest net worth possible,” said Mike Crews, a certified financial planner and chief executive of North Texas Wealth Management in Allen, Texas. “When you retire, it’s no longer about that, it’s realizing that retirement is all about cash flow. That’s a total mind shift for people.”
It turns out that the accumulation of savings phase is the easier part of retirement, when workers can sock away money in an individual retirement account or workplace account, such as a 401(k). With research and discipline, someone in their 20s or 30s can ride out the ups and downs of the stock market for a few decades and gradually build a seven-figure retirement stash.
When it comes time to create a retirement paycheck, the challenge is to balance withdrawals from taxable and nontaxable money against when and how to claim Social Security, collect any pension, liquidate real estate, sell other assets and how much to leave for any heirs.
We are having trouble retrieving the article content.
Please enable JavaScript in your browser settings.
Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.
heart of vegas slots casinoThank you for your patience while we verify access.
Already a subscriber? Log in.
“What he said or didn’t say is between him and the people of North Carolina,” said Mr. Vance, former President Donald J. Trump’s running mate. He added: “I’ve seen some of the statements. I haven’t seen them all. Some of them are pretty gross, to put it mildly. Mark Robinson says that those statements are false, that he didn’t actually speak them. So I think it’s up to Mark Robinson to make his case to the people of North Carolina that those weren’t his statements.”
Want all of The Times? Subscribe.extreme gaming 88
