The article emphasizes the importance of crafting a post-retirement budget to determine annual financial needs. Flexibility in withdrawals is encouraged, allowing retirees to adjust based on yearly expenses. For instance, a retiree with $1.7 million in an IRA must still analyze their projected expenses thoroughly, including healthcare, to ensure financial sustainability. The budget should encompass all costs, forming a clear monthly financial requirement. Tools and resources are suggested to assist in this planning process for a secure retirement.
Your first step is to create a post-retirement budget so you know how much you'll need annually.
Flexibility is important. If it looks like the upcoming year won't be as expensive as the last, it's okay to withdraw less.
It's vital that you create the most accurate post-retirement budget possible. Even if you plan to work for another 15 years, estimate how much you're going to need.
Don't forget health care costs. Average out these expenses to ensure you can sustain your lifestyle.
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