5 Things You Must Know About Decumulation To Retire Successfully

Accumulating money is one thing, but decumulation requires a whole different strategy. What do you need to know in order to be successful?
Share this episode with a friend:

Today’s Question:

What do you need to look out for when it comes to blind spots in retirement? Don’t overlook these key elements that you’ll want to prepare for in your financial plan.

Click on the timestamps below to jump to specific topics. 

Confidence Corner

What’s decumulation and why does it matter for your retirement? On today’s podcast Nathan talks about the important things you should do once you are in the decumulation stage with your money.   

If you don’t have the support you need, you could make some mistakes when it comes to spending or distributing your money. There’s a lot to consider and think about when it comes to your money, especially as it relates to things like your financial plan and taxes. Working with a retirement planner who specializes in the distribution phase is really important.

Are you scared of spending? Some people are ready to spend when they hit retirement, but many people are scared once the paycheck stops from work or there’s a dip in the market. But remember, what is the money for? You want to make sure to enjoy it while you can. Having a plan can help you feel more confident, both for spending now and later.

Risks could have a huge impact, but if you have an advisor and a financial plan to support you, you can handle it. There’s bound to be challenges so it’s good to stress-test your plan to make sure you do things properly when the time comes.

Currently, we are under some of the lowest tax laws in history. Most likely, that will change, but we can’t see into the future to know just what it will be. That’s why you’ve got to make sure to address the “what-ifs” when it comes to your finances.

Listen to the entire podcast or skip ahead using the timestamps below.

1:18 – Let’s talk decumulation.

2:26 – A lack of support could hurt you.

3:59 – The fear of spending is real.

9:10 – What risks could you face?

11:10 – Multiple buckets of money can make a difference.

13:06 – Should we be looking at tax consequences?

15:53 Leverage your lifetime income. 

 

A Point Of Wisdom:

There’s a lot to consider, a lot to think about. There’s so many things that you have to make sure that fit into your plan, that fit into taxes. 

-Nathan O’Bryant

 

Related Content:

PODCAST: Secure Act 2.0

PODCAST: Avoiding These 401k Mistakes

 

Additional Resources:

Schedule A Meeting

Download Your Retirement Rescue Toolkit – Learn More About Our Firm

 

Your Guide:

Nathan O’Bryant – Contact

Share this episode with a friend:

EXPLORE MORE EPISODES

Should An Advisor Tailor A Plan To Fit Your Personality? (Part 2)

As a continuation of our last podcast episode, we’re jumping back in to discuss some more financial personality types in today’s show. Knowing your personality type and tendencies can help you be more successful and aware of your strengths and weaknesses when it comes to financial planning. The first four personalities we talked about in the previous podcast were the victim, the over-analyzer, the DIY-er, and the ostrich. On today’s show, we discuss the next four common financial personalities.

Listen Now »

Should Your Advisor Tailor A Plan To Fit Your Personality? (Part 1)

Each person has a different and unique personality. It’s part of what makes you, you! So, when it comes to your financial plan, should a financial advisor tailor the plan for your personality? On today’s show we cover part one of the different personalities to see which one you might relate to most and how an advisor can cater to that.

Listen Now »

What’s Your Biggest Financial Fear?

Everybody has fears, so we talk about some of the biggest financial fears people face. Sometimes acknowledging the fear is the best place to start. Alongside an advisor, you can strategize how to address these fears and put your mind at ease.

Listen Now »

YOUR HOST

Nathan O’ Bryant is the founder of O’Bryant & Associates, Inc., a Registered Investment Advisory firm in the state of TN. He’s been helping people plan for retirement and their financial futures for more than 15 years.

The weekly podcast features discussion and excellent guidance on the important financial planning questions we all have. Whether it’s tax planning, retirement income, social security or the stock market, you’ll find that no topics are off limit on this show.

YOUR HOST

Nathan O’ Bryant is the founder of O’Bryant & Associates, Inc., a Registered Investment Advisory firm in the state of TN. He’s been helping people plan for retirement and their financial futures for more than 15 years.

The weekly podcast features discussion and excellent guidance on the important financial planning questions we all have. Whether it’s tax planning, retirement income, social security or the stock market, you’ll find that no topics are off limit on this show.

SUBSCRIBE