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The Best Investing And Retirement Advice For Your 70s

The Best Investing and Retirement Advice for Your 70s

In this segment from Motley Fool Answers, Alison Southwick and Robert Brokamp break down a proper investing and retirement strategy by decade. We have finally reached the twilight years — our 70s, now retired and enjoying time with the grandkids. But when you crossed one financial finish line, you started a different race. Going forward, your priorities are to manage your healthcare costs while ensuring that your savings withdrawal rate will leave you solvent for the rest of your life.

A full transcript follows the video.

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This podcast was recorded on April 18, 2017.

Alison Southwick: Your 70s and beyond are an exciting time. Your years of saving and planning are paying off. You get to volunteer your time, travel, and spoil grandchildren. Sure, your body aches a bit and you’ve got some sunspots and some laugh lines around your mouth, but they are all signs of a life well lived. So what should be your priorities in retirement?

Robert Brokamp: Number one, you want to ensure your portfolio will last as long as you do, and that is understanding safe withdrawal rates in retirement, which is one of my favorite topics.

Southwick: Yeah. I know.

Brokamp: You know. And most people think of 4%. That’s a classic rule of thumb, and it’s a fine rule of thumb, but most people should be taking out either a little bit more or a little bit less depending on your circumstances starting, for example, with your age.

The studies that determine that 4% safe withdrawal rate assume you’ll retire at age 65. But what if you’re 55? What if you’re 75? You really need to learn about how all that goes. I would recommend the three people to read to learn about this type of stuff is David Blanchett at Morningstar, Michael Kitces, and Wade Pfau. If you want to learn a lot about safe withdrawal rates in retirement, go check out those guys.

Number two, you want to learn how to sell investments in a tax-efficient manner. You’re now in…

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