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Are We Over-Spending or Under-Spending in Retirement?

Schedule a free assessment with an experienced financial professional: http://bit.ly/PureAssessment Office locations: https://bit.ly/PureLocations Ask Joe & Big Al On Air: https://bit.ly/AskJoeAndBigAl Subscribe to our YouTube channel: http://bit.ly/YMYW-YT Subscribe to the Your Money, Your Wealth® podcast: https://link.chtbl.com/ymyw?sid=y "I'm a 73 yr old semi-retired lawyer (90% retired, work is very low stress), earn $55,000/yr. but could retire 100% at any time). Best not to include this income in any financial planning. Wife is 71, retired. Our finances: Taxable and bank $1,650,000. LTCG in stock funds total ~ $800,000 my tIRA - $1,870,000 start RMDs this year Roth IRAs - Mine - $1,855,000, Wife - $690,000 Inherited IRA (wife) - $20,000 HSA - 140,000 Vanguard/TransAmerica variable annuity - $530,000 Residence: $1.2MM, no mortgage TOTAL: $7MM+ No mortgage or other debt Our social security (mine and wife annualized): $75,000 yr. I have a very good LTC policy, wife does not have one. Our annual expenses for the last three years have averaged $250,000, including taxes. A big part of that, around 20% or $50,000, has been travel, something that will not last forever, and that we have plurged on post-COVID. That said, a conservative "spend target" is $250,000/yr., including taxes ($50,000/yr). We have one daughter, age 30. She is in a low-earn profession, and we'd like to leave her $3-4MM, after Massachusetts estate taxes. A rule of thumb for Massachusetts estate taxes is 10%. As we moved further into retirement, my perception of these assets has changed. If our spend from assets is $175K ($250K - $75,000 social security), our taxable account +tIRA +HSA total ~$3.6MM, which is sufficient for 20 years spending (ignoring inflation). That takes us both into our early 90s. These accounts are worldwide 60/40 Vanguard mutual funds, and with even subpar growth should carry us into our mid-90s. My working assumption is 5%/yr. If we end up selling our house and moving to assisted living of some sort, that's another 5-6 years of living expenses. That leaves for our daughter (or ourselves if we need it): The Roth IRA, which we can draw from as necessary to hold down our tax rate. I'm hoping to grow this to $3MM the VA, which she can annuitize. We bought this in the mid-'90s, so the interest rate tables are favorable. Do you think we are thinking about this correctly? I swing between thinking that we are underspending to thinking that we are overspending. Your thoughts and advice would be appreciated. - Boston" IMPORTANT DISCLOSURES: • Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor. • Pure Financial Advisors LLC does not offer tax or legal advice. Consult with your tax advisor or attorney regarding specific situations. • Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. • Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. • All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. As rules and regulations change, content may become outdated. • Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors. CFP® - The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation. CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period. #RetirementSpitball #RetirementSpending #PersonalFinance