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Optimal Finance Daily - Financial Independence and Money Advice

2069: [Part 1] Are You Feeling Lucky? The Two Schools of Retirement Income by Darrow Kirkpatrick

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

4.41.3K Ratings

🗓️ 18 October 2022

⏱️ 12 minutes

🧾️ Download transcript

Summary

Darrow Kirkpatrick of Can I Retire Yet talks about the two schools of retirement income. This is part 1 of 2. Episode 2069: [Part 1] Are You Feeling Lucky? The Two Schools of Retirement Income by Darrow Kirkpatrick Darrow Kirkpatrick is the founder of CanIRetireYet.com. He began serious investing in his mid-30s and retired at age 50. He's not a dot com millionaire and didn't become financially independent by flipping real estate or trading hot stocks. He did it the traditional way: hard work, frugality, prudent investing, and patience. When it comes to personal finance, his top priorities are simplicity, reliability, and safety. Now his mission is to help others become financially independent as he did. More recently, Chris Mamula has been managing the blog and he's a frequent writer on the site. Chris used principles of traditional retirement planning, combined with creative lifestyle design, to retire from a career as a physical therapist at age 41. After poor experiences with the financial industry early in his professional life, he educated himself on investing and tax planning. Now he draws on his experience to write about wealth building, DIY investing, financial planning, early retirement, and lifestyle design. The original post is located here: https://www.caniretireyet.com/are-you-feeling-lucky-the-two-schools-of-retirement-income/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

This is Optimal Finance Daily, Episode 2069.

0:04.4

Are you feeling lucky?

0:05.9

The two schools of retirement income, Part 1, by Darro Karpatric of CanIRetireYet.com.

0:12.3

And on your host and personal finance enthusiast, Diana Mariam, I have a bit of a longer post,

0:19.2

so I'll read the first half today and then finish the rest for you tomorrow.

0:23.6

So with that, let's dive into Part 1 and start optimizing your life.

0:31.0

Are you feeling lucky?

0:33.0

The two schools of retirement income, Part 1, by Darro Karpatric of CanIRetireYet.com.

0:41.0

Are you feeling lucky?

0:43.0

That's how the debate between the two schools of retirement income often shapes up.

0:48.0

Do you keep your retirement assets in the stock market, where you'll have more flexibility

0:53.0

and better odds for long term financial growth, along with a chance of failure?

0:58.0

Or do you go the safe, secure route, and annuitize your assets for a reliable, though possibly

1:03.4

mediocre, retirement paycheck?

1:06.4

Even if you don't want to take sides in this debate, it's helpful to understand it.

1:11.0

These two schools and the retirement income strategies that belong to each define your

1:15.7

options for retirement income.

1:18.4

Just don't believe that you're required to choose one or the other.

1:22.4

The reality is that you will probably need to mix the two philosophies in the right

1:27.2

proportions for your personal situation.

1:30.2

Let's begin with some definitions.

1:33.2

Probability vs. Safety

...

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