Today’s Prep:
Eric takes a multiple choice pop quiz about retirement planning. See how his answers stack up with your own.
Equipping Points:
1:29 – At What Age Should You Start Saving For Retirement?
- The answer we’re really looking for is, “As soon as possible.” More tangibly, you really need to start saving for retirement as soon as you start working. In fact, David Bach, the author of Smart Couples Finish Rich, argues you should always pay yourself first. While we of course want to take care of our loved ones, we’re not going to be of much good to anybody if we haven’t first taken care of ourselves. It’s a bit like listening to a flight attendant on an airplane telling you to put on your own mask before helping the person next to you.
4:32 – How Much Of Your Income Will You Need In Retirement?
- Ask yourself how much it will take for you to maintain your standard of living in retirement. That’s the number you want to focus on when determining exactly how much monthly income you’ll need. It’s easy to think you’ll simply need whatever level of income you have now, but you could spend more or less in retirement depending on your lifestyle. After all, you’re not going to start eating spam and tuna fish once you enter into permanent unemployment. You’ll want to continue the lifestyle you had when you were working and maybe even add in a few fun activities here and there. As you determine how much income you’ll need, focus on your expenses, and account for an evolving lifestyle as you age.
9:49 – What Do Retirees Fear The Most?
- Most folks fear needing long-term care in retirement and running out of money. In fact, running out of money might be the number one fear retirees have. AARP did a study and found folks even feared running out of money more than death itself. You don’t want to find yourself out of options in retirement, and that’s why we always stress the need for a sound income plan that will last you all the way through retirement. We’d rather you have some left over than not enough as you approach the finish line.
Other Preparation:
- 11:23 – What Represents A Diversified Retirement Plan?
Today’s Takeaway:
“Your income plan should be based upon your expenses, not your current salary. – Retirement Ready“
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