Should You Stop Saving at 25%?

Money Guy Show

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

Education, Investing, Business

4.7 • 3.1K Ratings

🗓️ 30 July 2021

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

If you're able to save more than 25% of your income for retirement, should you? Or should you stop saving once you reach 25%? And how does having a pension affect your savings rate? We'll walk you through these questions and more in today's Q&A episode! 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,
0:06.9	investing, taxes.
0:09.0	You've got financial questions, he's got financial answers.
0:12.6	It's Brian Preston, the money guy.
0:16.0	Okay, this next question is from RKL.
0:20.3	And RKL said, how does my pension affect my savings rate?
0:25.3	I will have a pension equal to 63% of my final average salary.
0:31.2	That sounds amazing.
0:32.2	I currently save 20% pre-tax and 3% Roth.
0:35.8	I'm 36 years old and I make $140,000 a year.
0:39.4	No, that's a great pension.
0:40.7	Young, high income, fantastic pension, really healthy savings rate, should RKL change
0:48.2	anything or should he or she change the way they're thinking about retirement?
0:52.7	What was the age again?
0:54.2	36.
0:55.2	Oh man, because I was going to say, because I've shared the story multiple times that I was
1:00.0	trying to save early and often so that in my 40s I could take my foot off of the Excel
1:04.8	River.
1:05.8	Sure.
1:06.8	And I love hearing about somebody who's obviously a financial mutant crushing it, but also
1:10.4	has the incredible opportunity of having kind of a legacy benefit, like a pension, that
1:16.3	is going to be another great.
	...

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