Ep 17: Wealth Preservation vs. Income Generation in Retirement + How Much Cash Should I Have?

As we approach retirement, it’s crucial to shift focus from accumulating wealth to preserving it and creating a sustainable income. Determining the monthly income needed to cover your expenses and controlling your withdrawals is essential, but more complicated than it might sound. In this episode, Scott will break down the crucial difference between wealth preservation and income generation and then dive into the ideal amount of cash to have in your savings account.

Join us as Scott breaks down the importance of making wise income decisions and structuring investments to meet your financial goals. He’ll also share some different perspectives on the ideal amount of cash savings, including an important rule of thumb that he finds helpful. Stay tuned to gain valuable insight into retirement planning, wealth preservation, income generation, and more.

 

Here’s some of what you will learn in this episode:

  • What is the difference between wealth preservation and income generation in retirement? (2:20)
  • Need versus greed in retirement planning. (7:18)
  • Taking out more money than you need could jeopardize the long-term sustainability of your investments. (10:38)
  • How much cash should I have in my savings account? (13:29)
  • Is your money working for you in the most efficient way possible? (16:10)

If you have any questions about what we discussed or anything else in your financial plan, email us at ask@bulmanwealth.com.