Should I Manage My Own Retirement Account After Retiring?

Retired-ish

When approaching a retirement from a long and successful career, you’ll likely have a list of big decisions to make in a relatively short time.

One of those decisions will be whether or not you should manage your retirement account(s) on your own after retiring - when you begin to convert them into an income stream to support your lifestyle. This is opposed to looking for outside help from a professional such as a financial advisor or planner, and it’s a decision that comes with both pros and cons.

However, before you decide, I think it’s important to understand what you may be getting yourself into since spending and distributing your retirement savings is much different than saving for retirement.

More specifically, I discuss:

• What does it mean to manage your own retirement savings?
• What common tasks and expertise does managing your own retirement account(s) entail?
• What are some of the pros and cons to the “do it yourself (DIY)” approach to investing?
• Common examples of costly retirement mistakes, even when it feels like you’re making money
• Should you take on the responsibilities of investment management and retirement planning or seek help?

Resources:

• Access Show Notes and Sign Up for the Retired·ish Newsletter HERE
• Start Your Complimentary “Jump-Start” Retirement Analysis Here
• Ask Cameron A Question!

Chapters:

00:00 Managing your own retirement accounts: what's involved.

05:21 DIY investing can save direct costs but may have larger indirect costs.

09:55 Having accountability from a 3rd party may yield better outcomes.

13:57 Market drops can cause panic, lifestyle, and strategy concerns.

16:24 Have a plan to mitigate potential retirement risks and changes throughout life.

20:45 Examples of costly investment mistakes that feel like wins.

27:09 Managing your investments in retirement is not what you expect it to be.