With more than 25 years of experience in wealth management, Bradley Scott Cooperman has built a practice centered on guiding high-net-worth individuals and families through the financial milestones that matter most. As a Managing Director and Private Client Advisor at J.P. Morgan Wealth Management in San Diego, California, he works with a diverse range of clients, from families to business owners, delivering strategies grounded in diversified holdings and sound fundamentals. Cooperman’s career began at Morgan Stanley and expanded through roles at Wells Fargo Advisors before joining JPMorgan. He holds a business administration degree from San Diego State University and has received Forbes “Best in State” recognition multiple times, including in both 2024 and 2025. His client-centered approach emphasizes education, realistic expectation-setting, and long-term planning across varied economic conditions.
Tips for Managing Expenses in Retirement
Retirement can be a difficult transition for most people. For many, it means going from receiving a regular paycheck to not getting one, all while expenses remain the same, or, as is typical in old age, more expenses. Many more fear outliving their retirement savings. Below are some tips for managing expenses in retirement. The key to staying solvent in retirement is to track expenses. Many people assume that they’re spending the same each year. Having a monthly estimate allows one to project how far their savings will last. From there, they can decide where to cut spending, if need be. One effective way to reduce expenses is to combine spending categories. Individuals with grandkids may, for example, plan a family vacation instead of travelling by themselves and then buying gifts for their grandchildren. Travelling out of season may also maximize savings. The first decade of retirement is typically when Americans spend the most money. They travel more, pick up new hobbies, and do other things they had put off. Without proper planning, this period can dent retirement savings. Experts recommend limiting expenses to four percent of one’s total assets each year. While this is sound advice, individuals should also pay attention to the markets. During hard times, people become more cautious, investing less. Similarly, it’s financially prudent to withdraw less during bad markets. While individuals should enjoy their retirement, they should remember that old age comes with a host of diseases and conditions. They therefore should plan for long-term care costs. Individuals without long-term insurance should set aside money for future healthcare costs. Another cost-cutting measure individuals in retirement might consider is downsizing. That may mean letting go of liabilities, such as a car or a house that’s racking up bills in terms of repair and maintenance costs or property taxes. Individuals should objectively assess their assets vs. liabilities and reduce the latter while increasing the former. Relocating to a low-cost neighborhood can free up more money that one could reinvest. Many Americans count on retirement benefits to fund their retirement lifestyle. Many, however, struggle to make their retirement income last. The challenge for many is choosing between annuities and a lump sum payout. Retirement annuities guarantee periodic payments, typically monthly, usually over a lifetime, unless an individual has selected a survivor benefit, in which case the spouse receives 50 to 75 percent of the payouts. While the lump sum option allows individuals to invest elsewhere, the challenge is finding an investment with returns that individuals can depend on for 20 to 30 years. Annuities provide a steady income and can help curb overspending earlier on. However, should the individual die before they’ve exhausted their fund, the insurance company may retain the remainder, unless the insured has opted for a survivor benefit, which again limits what the insured may receive. Expenses management is just one aspect of a comfortable retirement. It’s a defensive play. Individuals might play offense by investing their money. Investment vehicles to consider include stocks, bonds, and property. The help offsets the impact of inflation, in addition to enhancing financial security. Expense management is just one piece of the wealth-building and preservation puzzle. That’s why individuals should consider working with a financial advisor. Financial advisors can help individuals navigate not just investing but also tax planning and estate planning. Managing expenses in retirement isn’t necessarily about forgoing some things. It’s about recognizing that life is more unpredictable in old age, and the longer one remains solvent, the better the quality of life. It’s also about avoiding lifestyle creep, where one spends more without realizing it.
About Bradley Scott Cooperman
Bradley Scott Cooperman is a Managing Director and Private Client Advisor at J.P. Morgan Wealth Management, with more than 25 years of experience serving high-net-worth individuals and families. His career spans earlier roles at Morgan Stanley and Wells Fargo Advisors, and he holds a business administration degree from San Diego State University. Forbes recognized him as a Best-In-State Wealth Advisor in 2024 and 2025. He volunteers at local schools, coaches youth baseball and football, and pursues outdoor interests including skiing and golf alongside his wife and two sons.
