When you’re working, feels like the hard part. But once you’re retired, the challenge becomes spending in a disciplined fashion and according to a well-thought-out plan. “Managing retirement funds requires a strategic approach to balance present enjoyment and future needs,” said Marty Burbank, an estate planning and elder law attorney and the founder of in Orange County, California.
If you spend down your savings without a strategy, you risk outliving your money. “We emphasize asset protection and sustainable withdrawal strategies to prevent such scenarios,” said Burbank, who sits on several prominent boards and has been recognized for his work helping veterans and retirees plan for their financial futures. “These involve setting up trusts and planning estates that align with a client’s long-term financial well-being, ensuring they don’t outlive their resources.
” GOBankingRates spoke with two financial planners who help clients develop strategies for making their money last — and both say it all starts with avoiding these . Earning passive income doesn't need to be difficult. Matthew Argyle is a chartered financial analyst, certified financial planner, enrolled agent and lead retirement planner for in Utah.
His No. 1 spending mistake comes from retirees who try to overcompensate for saving too little with a desperation wager on one last all-or-nothing hand. But Argyle knows that the first thing you should do when you realize you’re in a hole is stop di.