How Much Will It Cost For Me To Retire?

Ready For Retirement

James Conole, CFP®

Investment Planning, Bonds, Education, Stocks, Cash, Business, Dividend Investing, Retirement Planning, Retirement, Investing, Tax Planning

5 • 706 Ratings

🗓️ 19 May 2020

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

On this episode of the Ready for Retirement podcast, James tackles the topic of how much money you will need to retire. Many people have an inflated view of their retirement needs, thinking that they will need to save dollar for dollar what they currently need each month to maintain their standard of living. However, this is not necessarily the case because of the shifts in expense amounts between working life and retirement. There are two main approaches for determining how much money you wi...

Transcript

Click on a timestamp to play from that location

0:00.0	Discover the tips and strategies that will help you achieve your retirement goals.
0:09.3	I'm your host, James Canole, and this is the podcast dedicated to helping you retire well.
0:14.6	It all starts right here on Ready for Retirement. for retirement.
0:30.0	Hi, everyone and welcome to another episode of Ready to Retirement. I'm your host,
0:35.1	James Knoll. Today we're going to talk about a simple question that sometimes has very confusing answers depending on how you approach it. And that question is,
0:38.0	how much will it cost for me to retire? I see this a lot because they come across people who maybe
0:42.8	they have a healthy income. Say they're making $200,000 a year, $300,000 a year, whatever it is. And they
0:48.6	approach a retirement and they think that in order for them to be able to retire, they somehow need to
0:53.4	have their investments
0:54.2	recreate that $200 or $300,000 per year if they want to maintain the same lifestyle.
0:59.9	Now, the good news is that's not the case.
1:02.3	Your investments very rarely have to create every dollar of income that you have today from
1:06.5	your salary in order for you to maintain the same standard of living in retirement.
1:10.3	So what we're going to talk about today is how to figure out how much it's going to cost for you to retire. And we're going to
1:16.0	do so by understanding two different approaches to knowing how much you need to spend each month.
1:19.9	One of these approaches, it will take a little bit more work, but it's a lot more accurate.
1:23.6	The other is pretty simple. And if you just want a very basic way to get very close, a very close
1:28.4	approximation to how much you actually need to spend to retire, I'm going to give you
1:32.9	approach where you may have that answer in maybe 10, 20 minutes. So it's not as precise,
1:37.9	but it will get you very close. So let's jump in. The two approaches are as follows. Number one is
1:42.5	what I call a bottom up approach. The bottom up approach, it's the more precise of the two approaches are as follows. Number one is what I call a bottom up approach. The bottom up
1:45.4	approach, it's the more precise of the two approaches, but it's also a little bit more complex.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from James Conole, CFP®, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of James Conole, CFP® and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.