Can You Save Too Much For Retirement?
We spend a lot of time talking about how to save enough for retirement, but is there such a thing as saving too much? Some experts say that retirees will need 70-80% of their pre-retirement income to sustain a comfortable lifestyle, but recent studies show that many retirees are spending significantly less than these benchmarks.
Join us for a thought-provoking conversation on how spending habits can change as you age. We’ll talk about finding a balance between saving diligently for retirement and enjoying life’s experiences along the way. Scott will also discuss some potential tax ramifications of over-saving in traditional accounts and highlight the value of working with a financial professional to align your financial strategies with your lifestyle preferences.
Here’s some of what you will learn in this episode:
- Recent studies challenge the notion that retirees need 70-80% of their pre-retirement income to live comfortably in retirement.
- The importance of finding a balance between diligent retirement savings and enjoying life’s experiences while in good health.
- Excessive savings in traditional retirement accounts could lead to substantial tax burdens in the future + the benefits of Roth accounts in managing taxes during retirement.
- The importance of personalized financial planning to ensure a secure and enjoyable retirement.
If you have any questions about what we discussed or anything else in your financial plan, email us at ask@bulmanwealth.com.
Show Sources:
https://www.investopedia.com/articles/retirement/07/save_too_much.asp
https://finance.yahoo.com/news/saved-too-much-retirement-wish-120026207.html
