HOW RETIREMENT DIFFERS
You have spent your whole life accumulating and saving, and suddenly, you retire and there’s no more paycheck coming in. How much money do you need before you decide to make the move? Where should you withdraw funds from first? Will you have enough money without running out? How long will you live?
Two Parts to the Climb—Accumulation & Distribution
Climbing a mountain is a metaphor for our financial lives. Getting to the summit is great but eventually you’ll have to go back down. You can think of getting up the mountain as your Accumulation/Pre-Retiree Phase, while getting back down is your Distribution/Retirement Phase. The key is that this is actually one continuous journey that needs one comprehensive plan. Understanding how you will manage income in retirement will define “how you pack your bags” in pre-retirement.
If you were going to climb a mountain, would you get a guide? What if your current guide was only planning on getting you to the top, but wasn’t sure how you were going to get back down? Would you consult another guide? Let Mirae Asset Wealth Management be your guide for the entire journey into retirement.