1664: [Part 1] Running Low in Retirement - Income Strategies by Darrow Kirkpatrick of Can I retire Yet

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 29 September 2021

⏱️ 11 minutes

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Summary

Darrow Kirkpatrick shares income strategies for when you're running low in retirement. This is part 1 of 2. Episode 1664: [Part 1] Running Low in Retirement - Income Strategies by Darrow Kirkpatrick of Can I Retire Yet Darrow Kirkpatrick is the founder of CanIRetireYet.com. He began serious investing in his mid-30s and retired at age 50. He's not a dot com millionaire and didn't become financially independent by flipping real estate or trading hot stocks. He did it the traditional way: hard work, frugality, prudent investing, and patience. When it comes to personal finance, his top priorities are simplicity, reliability, and safety. Now his mission is to help others become financially independent as he did. More recently, Chris Mamula has been managing the blog and he's a frequent writer on the site. Chris used principles of traditional retirement planning, combined with creative lifestyle design, to retire from a career as a physical therapist at age 41. After poor experiences with the financial industry early in his professional life, he educated himself on investing and tax planning. Now he draws on his experience to write about wealth building, DIY investing, financial planning, early retirement, and lifestyle design. The original post is located here: https://www.caniretireyet.com/running-low-in-retirement-income-strategies/ Please Rate & Review the Show! Visit Me Online at OLDPodcast.com and in The O.L.D. Facebook Group Join the Ol' Family to get your Free Gifts Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily, Episode 1664.
0:04.1	Running low in retirement, income strategies, Part 1,
0:08.1	by Darro Karpatric of Can I Retire Yet.com?
0:12.0	And on your host and personal finance enthusiasts, Diana Mariam.
0:16.0	This is the show where I serenade you with the sweet sounds of personal finance knowledge
0:21.0	from some of the best blogs on the planet, with the author's permission, of course.
0:26.5	And I have a bit of a longer post today.
0:29.2	I'll read the first half today and then finish the rest for you tomorrow.
0:32.7	So let's dive into the first half and start optimizing your life.
0:40.7	Running low in retirement, income strategies, Part 1, by Darro Karpatric of Can I Retire Yet.com?
0:49.7	Running out of money before you run out of life, it's the biggest fear many retirees face.
0:56.7	And for baby boomers and succeeding generations without guaranteed pensions,
1:01.7	it's not just a night terror, it's a realistic concern.
1:05.7	Without adequate savings, a prudent lifestyle and regular financial checkups,
1:10.7	running low in retirement is a very real possibility.
1:14.2	I previously reviewed two fundamental solutions when you find yourself running low in retirement,
1:20.7	reducing expenses and increasing income.
1:24.2	In that article, I went deeper into the two most powerful expense strategies,
1:29.2	cutting discretionary spending and downsizing your home.
1:33.2	These are major levers you can throw on the expense side to modify your lifestyle
1:38.2	and salvage a financially independent retirement.
1:41.7	But they might not be enough or you might want to go further to ensure your comfort or security.
	...

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