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Episode 2565:
Darrow Kirkpatrick of CanIRetireYet.com shares insightful details on managing retirement expenses, emphasizing the significance of monitoring and adjusting spending patterns. He highlights the importance of considering variable expenses like personal care, taxes, and housing costs, and addresses the practicality of adapting expenses in response to financial market changes.
Read along with the original article(s) here: https://www.caniretireyet.com/our-retirement-expenses-money-go/
Quotes to ponder:
"...with a willingness to cut spending when markets underperform, it is possible to increase the initial spending rate above whatever has been determined as safe for constant inflation-adjusted withdrawals."
Episode references:
Bill Perkins' book, "Die with Zero": Die With Zero
2021 survey by the Employee Benefit Research Institute (EBRI): EBRI 2021 Survey
National Institute on Retirement Security (NIRS) study: NIRS Study
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Optimal Finance Daily - Financial Independence and Money Advice