#123 - My thoughts on 12 common financial and retirement planning rules of thumb

Retirement Planning Education, with Andy Panko

Andy Panko

Annuities, Taxes, Ira, Retirement Planning, Social Security, Roth Ira, 401k, Pension, Investing, Financial Planning, Roth Conversion, Tax Planning, Education

2.4 • 671 Ratings

🗓️ 31 October 2024

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

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Summary

Special edition episode in which Andy shares his views on whether the below 12 rules of thumb are accurate or not: You should always contribute at least enough to your employer plan (like a 401(k)) to get the full employer matchYou shouldn't help your kids pay for college if it means shorting your own financial security in retirementYou need at least $X million (where $X can be whatever amount someone wants to say) of savings to retireIn retirement, expect to need 80% of whatever your...

Transcript

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0:00.0	It's time for a special edition episode where I'm going to discuss 12 common rules of thumb about financial and retirement planning and give you my thoughts as to whether they're accurate or not.
0:08.5	And this, the 123rd episode of the Retirement Planning Education Podcast.
0:16.7	Welcome to the Retirement Planning Education Podcast, where you can learn all about IRAs and Roth IRAs, employer retirement plans, taxes, Social Security, Medicare, portfolio withdrawal strategies, annuities, estate planning, and much more.
0:31.5	And now here's your host, Andy Panko.
0:34.1	Hello, everybody. Welcome back. Thank you as always for listening. Today is a good one. So it is
0:39.8	Halloween today, the day this one comes out. So there are five Thursdays in October this year. The
0:45.5	fifth Thursday is October 31st, Halloween. And as you know, this podcast comes out every Thursday,
0:51.2	like clockwork. And so today happens to be Halloween. And because it is a fifth
0:56.5	holiday, a fifth Thursday in the month, I, every time there is a fifth Thursday in the month,
1:00.6	I kind of have to come up with something random or special and do. So normally for you all who
1:04.8	know the show, well, there's usually four Thursdays in a month. The first Thursday is me
1:08.7	deep diving about a particular topic. The second Thursday is me having on a retirement planner to pick his or her brain about their practice and
1:15.5	views and their approaches. Third Thursday is me having on a quote-unquote real person to talk
1:20.2	with them about how they approached or approached their own retirement planning. And then the
1:24.8	fourth Thursday each month is a Q&A episode. If there is a fifth Thursday,
1:28.6	then I kind of have to come up with something. So this one coincidentally falls on Halloween.
1:32.3	So I'm doing a spooktastic, cheesy, kitsy Halloween spin to this episode. So I will be discussing
1:41.4	12 common rules of thumb, many of which you've probably heard,
1:45.8	or dogmatic words of wisdom or advice, and give my thoughts about whether or not they are accurate.
1:52.0	Specifically, I'm going to frame it as whether or not these 12 rules of thumb are tricks or treats.
1:58.6	See what I did there?
1:59.7	Man, I'm so corny. It's painful. But no, if it's something I think
	...

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