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Category: Legacy

Are You Spending Your Legacy?

Are You Spending Your Legacy

Posted By Lineweaver Financial Group
March 10, 2017 Category: Legacy, Retirement, Retirement Planning

Are You Spending Your Legacy? Retirement is supposed to be a well-earned reward – a time when you can stop worrying about the day-to-day struggles of your career, and everything that went with it. A time to enjoy your family, and to scratch a few things off your bucket list. Confronted with so much freedom, it can be tempting to do all those things without considering a plan going forward. While we find that most of our clients aren’t afraid of running out of money for themselves, many of them do want to leave a legacy to help their children or grandchildren. So how can you ensure that you’ll be able to have the retirement you want and still help your loved ones? It all comes down to your spending rate. To find your rate, start by adding up your expenses, and subtract that from any non-portfolio income you might be receiving in retirement. That can mean things like rental property income, annuity income, or even Social Security. The amount left over is what you’ll need to withdraw. You can divide that by your total portfolio, and there’s your spending rate! Most financial advisors will recommend a 4% spending rate. But keep in mind that financial professionals have arrived at this rate by making a number of assumptions. They are: 1.       That you’ll want a steady and consistent income 2.       That your portfolio asset allocation is aligned with your financial goals and ri

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