Michelle and Josh are here today to discuss financial topics relevant to those of you in or near retirement living your best life along our part of the gulf coast.
- Most financial planners shoot for a 4-5% withdrawal rate, but many would argue for even a 3% rate to be safe
- Studies show where retirees tend to spend the most money in the first part of their retirement, then eventually reduce spending through things such as less travel or large purchases, then ramp up spending again towards the end of retirement, often due to health expenses. It's called the "Retirement Spending Smile"
- Delaying Social Security benefits to age 70 instead of 62 increases monthly benefits by 77% in inflation-adjusted terms
