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Early Retirement - Financial Freedom (Investing, Tax Planning, Retirement Strategy, Personal Finance)

How Much Do I Need To Spend $10k/Month In Retirement? Hint: LESS THAN YOU THINK!

Early Retirement - Financial Freedom (Investing, Tax Planning, Retirement Strategy, Personal Finance)

Ari Taublieb, CFP®, MBA

Real Estate Investing, Stock Investing, Careers, Save On Taxes, Retirement, Business, Personal Finance, Investing, How To Retire, Early Retirement, Retirement Planning, Entrepreneurship

4.7583 Ratings

🗓️ 30 December 2024

⏱️ 15 minutes

🧾️ Download transcript

Summary

Understanding how much money you really need for retirement is essential. This episode reveals that you don't necessarily need $3 million to retire comfortably, and discusses dynamic spending and adaptable withdrawal strategies to enhance financial security and freedom. • Overview of common retirement spending misconceptions • Importance of dynamic spending throughout retirement • Critique of the 4% rule and its limitations • Introduction to Guyton's Guardrails approa...

Transcript

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0:00.0

If you want to spend $10,000 a month throughout retirement, you go to an advisor and you ask them,

0:06.6

hey, advisor, how much money do I need? They're probably going to tell you that you need $3 million.

0:12.5

Now, I don't believe you need that amount, but I'm going to tell you how I came up with that in

0:16.6

today's episode. I hope it's a fun one. I hope that you don't worry after this episode, because I think a lot of you think you need more than you actually do to retire early. And the truth is you don't. And the reason for that is you're not going to spend 10,000 a month every single month like clockwork. You're going to spend more when you retire and you have your energy and your health. Then you'll spend less. Then there will be more expenses because of medical or more giving, then there will be less. It's going to be a dynamic moving thing,

0:42.9

and there's a strategy I'm going to explain today that hopefully makes a lot of sense and resonates.

0:47.5

And if it does, might just shift your retirement. So today it's going to be all about making sure

0:52.1

you can spend what you want in retirement using the assumption of 10,000 a month.

0:56.6

Now, some of you listening are like, I don't know what the heck I would do with $10,000 a month.

1:02.2

How do people really need that amount of money?

1:04.6

Others of you go, 10,000 a month, I couldn't even do anything other than eat top ramen.

1:10.6

So no matter where you're at on that

1:12.6

spectrum, I'm going to give you the insight in the principles and the framework and any other

1:17.7

words that pretty much mean the same thing to help you where you're at. So let's have some fun.

1:23.0

Now, if you don't already know, my name is Ari Taublieb. I am a financial planner. I'm a certified financial planner, is what I'm supposed to say. I love what I get to do, which is helping people retire early. For some people, you already know, that doesn't mean you actually do retire early. I have clients that go, oh my gosh, this is awesome. I don't need to work ever again, but I'm still going to, because I love what I do. Maybe I'm just going to work away less. Maybe I'm going to prioritize my health and spend time with family. Maybe I'm actually going to increase working, but I'm just going to do it somewhere else at a spot that appreciates me. So I want you to do what you want to do. I don't want you to do what your neighbor wants you to do.

2:02.2

And I don't want you to do what your friend and yada yada.

2:04.3

So I am always, I got too excited.

2:08.3

That wasn't even English right there.

2:09.7

I'm always trying to make new videos and content and different pieces that resonate.

2:14.6

If you have an idea of something you want me to make a video topic on, podcast

2:18.7

on, you can submit that at early retirement podcast.com and you can see where you can submit

2:24.8

that question. I make it very easy and I spent a lot of money on the website. So no, I didn't

2:30.1

spend that much money. So you can see, you can submit that question and I'll look to answer

...

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