How Much Money Do I Really Need to Retire?
Retirement Answer Man
Roger Whitney, CFP®, CIMA®, RMA, CPWA®
4.7 • 1.1K Ratings
🗓️ 17 April 2024
⏱️ 38 minutes
🧾️ Download transcript
Summary
We would all love to have that magic number–the exact amount we need to retire. However, since there are so many unknowns it is impossible to attain an exact number. This is why the big question of retirement is a complex one.
In this episode, I’ll walk a listener through the process of how she can learn how much she really needs to retire. Make sure to stick around to hear about the books I read in March.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
LISTENER QUESTIONS
- [1:46] How much do I really need to retire?
- [20:30] A comment on the FIRE movement
- [22:09] How to change advisors
- [27:28] How to get into the decumulation state of mind
- [32:37] Feedback on the Michael Kitces interview
BOOKS I READ IN MARCH
- [34:00] Books I read this past month
TODAY’S SMART SPRINT SEGMENT
- [36:22] Revisit your feasible plan of record to see how resilient it is
Resources Mentioned In This Episode
BOOK - Gulag Archipelago by Aleksandr Solzhenitsyn
BOOK - Tai Pan James Clavell
BOOK - Soul of an Octopus by Sy Montgomery
The State Of Retirement Planning With Michael Kitces
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center
Transcript
Click on a timestamp to play from that location
| 0:00.0 | The show is a proud member of the Retirement Podcast Network. |
| 0:05.8 | Today's show is dedicated to you, not just surviving retirement, |
| 0:11.0 | but having the confidence because you're doing the work to really lean in and |
| 0:15.6 | rock retirement. |
| 0:17.0 | Hey, hey, Roger Whitney here. |
| 0:26.4 | By day I am a practicing retirement planner |
| 0:28.7 | with over 30 years experience, |
| 0:30.6 | walking life with clients and actually doing this stuff. |
| 0:34.0 | And over the last 10 years on this show, you and I have been noodling on how do we improve our retirement planning process |
| 0:41.0 | so we can have confidence and get on with really rocking life. |
| 0:44.0 | Today on the show we're going to try to answer the question how much money do I really |
| 0:47.7 | need in retirement from Janice that's the title question as part of that we're |
| 0:52.4 | going to build some fundamental understanding |
| 0:55.2 | which is what is a feasible plan of record which is going to be incorporated in |
| 0:59.6 | answering Janice's question. In addition to that we're going to answer some of your other questions on |
| 1:04.0 | regarding retirement planning and talk about the books that I finished in March. |
| 1:08.4 | If you enjoy the show you're going to love our six-shot Saturday email where we give a summary of the show, |
| 1:15.3 | you can listen to the show right from the email, as well as links to some of the resources |
| 1:19.5 | that we might mention so you can be proactive in your journey towards |
| 1:24.1 | rocking retirement. With that, let's get on to answering the question. How much money |
| 1:28.2 | do you really need? |
| 1:29.2 | Hi, I have a question on how much money you really need in retirement. I mean, what is the benchmark amount? What do you need to take into consideration? I can't find it on the website, so I'm trying to ask you, I'm about five years out, I'm a few years older than my husband, and we're trying to figure out what makes sense. |
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