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Money Guy Show

"Am I Saving Too Much for Retirement?"

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Investing, Education, Business

4.73.1K Ratings

🗓️ 7 September 2022

⏱️ 26 minutes

🧾️ Download transcript

Summary

If you're saving more than 25% for retirement, is it ever okay to take money out of investments for home renovations or other life needs? We'll walk you through that question and more in today's Q&A episode! Watch more exclusive content only on YouTube! Visit our website - Get our FREE financial resources - Sign up for our Financial Order of Operations course - Get easy to understand answers to your financial questions Follow us on social media! -Instagram -Twitter -Facebook -TikTok Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

It's Brian Preston, the money guy, restoring order to your financial chaos, retirement,

0:07.0

investing, taxing.

0:09.0

You've got financial questions, he's got financial answers.

0:12.6

It's Brian Preston, the money guy.

0:15.8

Okay, Jason has a question he asks, my dad is over 60 and is very far from his retirement

0:22.2

goal.

0:23.7

He's gotten his savings rate as high as he can, but he's hesitant in getting help from

0:27.6

a financial planner.

0:29.5

How can I convince him and should he convince him?

0:33.7

That's one of those things where it really depends upon what's the why and how close

0:43.4

are you with the goals?

0:44.4

The biggest thing I heard Jason say is that he's far from his retirement goals.

0:49.5

We love fee-only financial advisors.

0:54.0

It's one of those things because the conflict of interest is tried to minimize everybody

0:57.5

as a conflict of interest that works in anything finance.

1:01.2

If you can try to minimize somebody trying to sell, your father who you've already described

1:06.1

as being far from his retirement goals, you don't want them going to somebody and they

1:10.5

start pitching life insurance and other things because that's not going to speed up your

1:14.3

journey to building wealth.

1:15.8

It might make sense to find somebody to measure twice and figure out how close are we

1:23.7

to the goals.

1:25.7

I really think it's not something that I try to because I know a lot of people we

...

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