The key for retirees who are trying to make their money last and near-retirees worrying about it, says longtime retirement-income and Social Security analyst James Mahaney: putting together what he calls a “resilient retirement income plan.”
In a year when the stock and bond markets have been down sharply and inflation has been painfully high, it’s been a scary time for retirees who are trying to make their money last and near-retirees worrying about it.
Mahaney believes financial advisory firms tend to be expensive for a lot of people. “And the individuals who are going it alone, I think, need a lot of help,” he adds. That time-honored idea suggests spending up to 4% of savings the first year of retirement and then increasing that percentage annually with inflation.
One way to do this, Mahaney advises, is by “building a bridge to Social Security” — what he says “is probably the most important part of building a resilient retirement income plan.” This will give you the opportunity to grab higher, inflation-adjusted Social Security benefits later. In his book, Mahaney writes that if you use the Social Security bridge strategy and your Social Security benefits will cover all or most of your essential expenses in retirement, “you can afford to take a little more risk with the rest of your portfolio.”A provocative approach to stocks: I told Mahaney that sounded a little aggressive to me, investing-wise.
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