How do you organize accounts in retirement? Do you use the bucket system?
This was a viewer question. Many people use the bucket system approach when preparing for retirement. We had a short term savings, a long term savings (emergency fund), and our retirement savings (which could not be touched), when planning for retirement.
After retirement some people also use the bucket system to pull down their savings. We are not at the age where we have to take our RMD (required minimum distribution) so we don't use the bucket system at this time. We are keeping our funds where they can earn as much as possible for as long as possible.
When creating your budget you can decide what buckets you need to fill; emergency fund, appliances, A/C Heating, roof, daughter's wedding, etc.
We have a bank account with an online bank which offers various buckets to help you budget.
Do you use the bucket system? What buckets do you use?

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