Tips to Manage Spending in Retirement

~~ Tips to Manage Spending in Retirement ~~

ADVISERS put a considerable amount of effort into talking to clients about accumulating a life savings. But advisers and their clients tend to devote less thought to how to spend that money when it’s time.

Some sort of conversation generally happens when clients approach retirement, but it may need to start happening earlier and become much more sophisticated.

“If I have $1 million in my retirement account, how I’m going to distribute it is ninth out of 10 steps,” said David A. Littell, director of the retirement income certified professional program at the American College of Financial Services.

Mr. Littell has actually drawn up a list of 18 risks that people have to consider. These include some you can control — spending too much — and some you can’t, like living longer than expected, needing expensive health care and not being able to work as long before or in retirement as planned.

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