441: Defining Retirement Success or Failure: How to Interpret Retirement Calculator Outputs
Retire With Purpose - The Retirement Podcast
Casey Weade
4.7 • 564 Ratings
🗓️ 7 June 2024
⏱️ 17 minutes
🧾️ Download transcript
Summary
What are the odds your retirement savings will last your lifetime? In the financial planning world, retirement calculators, software and simulations are often leveraged to answer this question; however, they don't always provide the full picture.
In this episode, we discuss:
- Why it's important to define what retirement "success" or "failure" mean to you
- Why different retirement calculators or simulations can provide a range of outputs
- The "die with zero" concept
Today's article comes from CanIRetireYet.com titled, Defining Retirement Success and Failure. Listen in as Founder and CEO of Howard Bailey Financial, Casey Weade, breaks down the article and provides thoughtful insights and advice on how it applies to your unique financial situation.
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Transcript
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| 0:00.0 | So you logged into your 401k online. |
| 0:02.0 | Maybe you used a retirement calculator you found somewhere out there in the internet universe, |
| 0:06.3 | and they gave you some probabilities of success. |
| 0:09.1 | And you want to know, what's this mean? |
| 0:10.8 | Am I going to be okay? |
| 0:11.8 | Am I not going to be okay? |
| 0:13.2 | Well, today we're going to talk about how to interpret those calculator outputs in addition |
| 0:18.3 | to how it's actually defining success and failure. But more importantly, |
| 0:22.5 | how do you define success and failure for yourself? |
| 0:34.9 | Hey, I'm Casey Weed. Welcome to the Retire with Purpose podcast, where it is my mission to deliver |
| 0:39.2 | clarity and purpose and elevate meaning in your life. And if you're not sure what that means, |
| 0:44.4 | I want you to know what to expect moving forward. Here, we have both financial and non-financial |
| 0:50.3 | conversations, all designed to elevate your experience in retirement. And we get together |
| 0:56.6 | with you week in, week out. We like to provide you with some world-class guests from time to time |
| 1:01.5 | and long-form interviews. They can have conversations with us around fitness over 50, around tax |
| 1:07.7 | planning over 50, all kinds of different topics. And then every single Friday, |
| 1:12.4 | we like to jump together with you and we like to cover a trending topic or a trending article, |
| 1:17.5 | a trending blog post. And these conversations come from conversations we're having here in the |
| 1:23.0 | office amongst our financial planning team and articles and blogs that we're reading in order to |
| 1:28.7 | elevate our game and deliver ever better financial advice to those that are coming to seek |
| 1:33.6 | it from us. |
| 1:34.6 | We put together those articles, drop them in your inbox every single Friday. |
... |
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