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Q&A: "I am 67 and my Wife is 64. How Should our Assets be Allocated and What Annual Outlay Should We Expect to Retire?"

Investment Retirement Income


I am 67, self employed, still working but on a reduced schedule. My wife is 64, planning on working two more years. How should our assets be allocated, and what annual outlay should we expect to retire. Thank you.


Folks in your very age bracket and circumstances will have a wide range of answers to the questions you've asked. The answer for you and your wife will depend on a lot more information, such as:

  • How much do you currently have in retirement and investment assets?
  • How are those assets currently allocated?
  • Do you plan to draw on those assets in the near term and, if so, will you be drawing heavily or do you anticipate stretching those withdrawals over your lifetimes?
  • How do you feel about fluctuations in the value of your investments and to what extent?
  • How much in social security or other pensions will you be receiving and when is the optimum time for you to begin drawing those?
  • What do you want to do in retirement? What kind of price tag will those activities have?
  • How much do you need to draw for your intended retirement lifestyle? How about special expenses or plans that go beyond living expenses?
  • How is your health? Do you expect to live to standard life expectancy or well beyond and need your retirement resources to support you for a longer period? (Is there longevity in your family background?)

You're beginning to ask the right questions, but nobody can give you a diligent, reasoned answer without a lot more information that's specifically tailored to you folks. 

Your best course of action would be to hire a good financial advisor who specializes in working with retirees and those on the doorstep of retirement. You'll want to find a fiduciary advisor who'll work for you on a fee basis, rather than someone who'll be compensated by selling you financial products. Your primary need at this point is retirement planning and projections, not financial products. Here are a couple of places to help you in your search:

Feel free to get in touch with me if you'd like to discuss your situation in more detail.