Do I Still Need an Emergency Fund When I'm Retired?

Money Guy Show

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

Investing, Education, Business

4.7 • 3.1K Ratings

🗓️ 17 May 2023

⏱️ 23 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Once you're retired and have access to different sources of money, should you still keep an emergency fund - and if so, how much? We'll walk you through that question and more in today's Q&A episode! Jump start your journey with our FREE financial resources Reach your goals faster with our products Take the relationship to the next level: become a client Subscribe on YouTube for early access and go beyond the podcast Connect with us on social media for more content Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Next questions from Ben.
0:09.0	He says, when figuring out your financial independence number, do you calculate inflation?
0:13.8	For instance, I need, if I need 40K per year now, should I assume I'll need 80K per year
0:20.8	when I retire?
0:21.8	I'm 37 years old and saving 25%.
0:26.0	How old was he again?
0:27.5	37.
0:29.5	Well, I mean, you're giving me a lot of one more answer questions here.
0:33.4	Am I my simple answer?
0:34.4	Yes.
0:35.4	Next question.
0:36.4	I'm kidding.
0:37.4	There's so much more that goes to you.
0:38.6	There's so much more than that.
0:39.6	So you've been you are onto something.
0:41.7	$40,000 today will not be the same thing that $40,000 in the future will be.
0:48.2	$40,000 a day will buy you X amount of due dads.
0:52.6	In the future, $40,000 is probably going to buy some less lower number of due dads
0:57.8	in the future.
0:58.8	So you have to of course factor that in and figure that in.
1:03.4	We get so much flack about this.
1:05.1	We're talking about how do you become a millionaire?
	...

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