Saver to Spender: Building Income and Growth for Your Golden Years

This week on Retirement Talks, Ted Thatcher of Bright Lake Wealth Management discussed the complexities of retirement planning, emphasizing the transition from being a saver to becoming a spender. He highlighted that understanding how much you need every month in retirement is the critical first step. Ted stressed the importance of building a retirement plan with two key buckets: one for current income and another for growth, ensuring resources last through a potentially long retirement. He addressed common questions on Social Security strategies (maximizing vs. optimizing), managing risk tolerance versus risk capacity, and preparing for unexpected expenses like major home repairs, taxes, and market volatility.

The mailbag segment featured listener concerns about overspending in retirement, reluctance to stop working, and choosing a retirement home. Ted offered practical advice, reminding retirees to align spending with their financial plans and to feel comfortable enjoying the resources they've worked so hard to build. He also cautioned about state-level tax differences and emphasized the importance of preparing for flexible retirement options, especially as life interests and capacities change.


For more information, visit https://www.brightlakewealth.com/