The reason you save for retirement is to replace your income, and that means spending down your “nest egg”.
It’s critical for you to know how much you should expect to take from your saving without depleting it too rapidly.
So how much should your withdrawal rate be? Charlie Jewett, owner of Renovating Retirement, says that experts suggest taking no more than 2.8% from your portfolio without running out of money in your retirement years.
While that doesn’t seem like much, building the right financial blueprint can help increase that amount.
“If you plan properly, you can reach the 4-6% income stream,” explains Jewett.
“Retirees just need to expand their knowledge of what tools are available.”
You can start building your retirement plan at renovatemyplan.com or call (808) 240-1296 to speak with an advisor