A well known financial advisor group sent me a package boasting of their superior expertise at managing the savings of retirees. Give them a million dollars and, with a little luck, they might send you an annual cheque for $30,000 until you and your spouse die. This correspondence was back in the later part 2020.
Being in my 12th year of retirement, my personal experience told me the financial wizards were wrong. I decided to conduct an open, totally public, competition. My approach versus the expert approach. I created a million dollar self-directed demo portfolio from which I would remove 4% annually. Would I run out of money and if I did when?
Not only am I not running our of money, that demo portfolio is worth $1,318,266.72 today. For 2022, I have decided to remove $3480 each month, $41,760 annually, to cover living expenses which are increasing with growing inflation.
As the year unfolds, I will keep you posted. In the interest of full disclosure, I took a screen shot of the present portfolio. Cheers!
