Retirees need to keep this much cash, advisors say.
Still, the right level of cash depends on each retiree's situation, according to financial experts.
Advisors may suggest keeping three months to six months of living expenses in cash during a client's working years. Many advisors recommend retirees keep a larger cash buffer to cover an economic downturn. A retiree with too little cash may have to dip into their portfolio and sell assets to cover living expenses.
Bradbury suggests retirees keep 12 months to 24 months of living expenses in cash. However, the amount may depend on monthly costs and other sources of income.
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