I'm sure this topic has been covered before, but suffer me revisiting in our current low interest rate environment.
We're aiming for retirement at the end of this year, and I've started building up one year's living expenses in a savings account. The plan is to retire then move a set amount with automatic transfers from this savings account into our checking account, probably twice a month almost like a paycheck. At end of year when is drained, repeat process while rebalancing investment portfolio, pulling out another year's worth of living expenses to restock the savings account.
What I'm wondering is if this what others commonly do? Maybe fill the account twice annually or even quarterly?
Any wisdom is appreciated, and as always thanks in advance for kind advice.
We're aiming for retirement at the end of this year, and I've started building up one year's living expenses in a savings account. The plan is to retire then move a set amount with automatic transfers from this savings account into our checking account, probably twice a month almost like a paycheck. At end of year when is drained, repeat process while rebalancing investment portfolio, pulling out another year's worth of living expenses to restock the savings account.
What I'm wondering is if this what others commonly do? Maybe fill the account twice annually or even quarterly?
Any wisdom is appreciated, and as always thanks in advance for kind advice.