Landing the Retirement Plane: How to Avoid Common Withdrawal Mistakes

Steadfast Wealth Planning Podcast

What Are The Biggest Mistakes People Make When Withdrawing From Retirement Accounts?

How you withdraw from your retirement accounts is just as crucial as how much you save—possibly even more important. This fundamental truth sits at the heart of our latest conversation with Cody Stansell, who reveals why many retirees struggle despite substantial savings.
Drawing from years of experience guiding clients through retirement transitions, Cody explains that moving from accumulation to distribution represents a profound shift that many fail to navigate properly. "It's like taking off with a plane," he explains. "It's easier to take off and coast in the air than it is to actually land the plane." This aviation metaphor perfectly captures why even diligent savers can find themselves in trouble without proper withdrawal strategies.
The episode delves into the two most devastating retirement withdrawal mistakes. First, failing to create a comprehensive plan that accounts for market volatility, unexpected expenses, and inflation—which has driven the cost of living up 22% since 2021 alone. Second, maintaining inappropriate investment allocations that either expose retirees to excessive market risk or fail to generate the growth needed to sustain purchasing power over decades.
Cody's innovative three-bucket approach provides a practical framework anyone can implement. By strategically allocating funds based on when they'll be needed—immediate expenses, mid-term needs, and long-term growth—retirees can both sleep soundly during market turbulence and ensure their money lasts as long as they do. He also addresses the psychological aspects of retirement spending, noting how natural savers and spenders require different guidance to achieve financial balance.
Whether you're approaching retirement or already there, this episode delivers actionable insights to help ensure your nest egg provides the retirement lifestyle you've worked so hard to achieve. Ready to implement these strategies? Visit Steadfastwealthplanning.com for a complimentary consultation or call 469-606-2040 to speak with a qualified advisor who can help tailor these principles to your unique situation.

To learn more about Steadfast Wealth Planning visit:
https://www.SteadfastWealthPlanning.com
Steadfast Wealth Planning
5550 Granite Pkwy, STE 270
Plano, TX 75024
469-606-2040

Chapters

1. Podcast Introduction (00:00:00)