Are You Wary of Cracking Your Nest Egg?Submitted by Mission Financial Planning on March 13th, 2020
If you find the thought of taking retirement distributions stressful, you’re not alone. Time after time our clients at Mission Financial Planning are surprised to find themselves struggling to dip into their retirement savings. The discipline of “don’t touch the nest egg” made it possible to build an investment portfolio big enough to retire, but now that “don’t touch the nest egg” mantra keeps repeating long after that message is useful. Yes, your savings were intentionally set aside for spending later, but for some reason working up the courage to spend your hard-earned cash can be harder than some clients ever expected.* This may sound okay, almost admirable, and it’s very protective of the assets, but as with all things, moderation is key.
Click here for a quick quiz about Finding Your Financial Balance. If you’re worried about spending too much, you may miss out on travel, dining or other recreational and social activities that you looked forward to in retirement. We recommend you really monitor spending and lifestyle needs prior to retirement, and make sure your financial plan can support that spending. Then, when you retire, you will be comfortable spending that amount with the knowledge that it was all part of the plan.
If you would like help figuring out how to best monitor your expenses, Mission Financial Planning can help.
Contact Jared or Sharon to talk through your concerns and see how we can help.
*not all clients!!! Some reach the same point and can’t WAIT to spend the nest egg - perhaps spending too much too early– but that’s another article for another day.