The 5 Phases of Saving for Retirement
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 24 April 2023
⏱️ 31 minutes
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Summary
Saving for retirement is a lifelong process that unfolds through various stages. While the steps may differ based on individual circumstances, a general framework can be outlined. Each stage requires a different approach to ensure a secure and comfortable retirement.
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Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide tax, legal, or financial advice. |
| 0:04.3 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:10.8 | Hey, everyone, welcome to the Big Picture Retirement Show. |
| 0:13.5 | I'm your host, Devin, and joining me today is Alexander Davis. |
| 0:17.7 | Thanks so much for having me on today, Devin. I'm excited to be here. |
| 0:25.4 | Okay. Alexander Davis. Thanks so much for having me on today, Devin. I'm excited to be here. So Alexander is one of our associate advisors here at Carroll Advisory Group. You know, |
| 0:29.9 | we get into some pretty deep conversations around here. We do. We talk about things that most |
| 0:33.6 | people would find boring. But we enjoy them. Yeah, we do. |
| 0:38.1 | We are kind of nerds. |
| 0:39.8 | There's no question about it. |
| 0:41.6 | You know, and when it comes to retirement planning, that's one of the topics that we are |
| 0:45.8 | constantly in, both in discussions around the office, you know, in our meetings that we have |
| 0:50.4 | and just our day-to-day activities, as well as a lot of the reading that we do, |
| 1:14.8 | you know, where a lot of people like to keep up with current events and things like that. We tend to read some of the academic research on retirement and other articles that are out there. We like poke holes and things. You're like, oh, look at it, that conventional wisdom. Those people don't know what they're talking about. Yeah, I would say pretty often we're knee deep in it and always looking for ways to improve. |
| 1:15.4 | Oh, yeah. |
| 1:16.2 | For sure. |
| 1:28.9 | You know, I was just telling someone on the phone today, when it comes to retirement planning, it's unfortunate, but I think our industry has gotten kind of lazy because they've accepted some conventional wisdom that's not necessarily true. It's like our entire industry has taken all of our knowledge and they've bowled it down and just small enough bullet |
| 1:34.0 | points that it'll fit in an investopedia article, right? Yeah. Yeah. I say it all the time to people. |
| 1:40.6 | So for example, filing for social security. I mean, you guys around here know that's one of my big gripes is that the conventional wisdom is if you can to people. So, for example, filing for Social Security. I mean, you guys around here know that's |
| 1:44.8 | one of my big gripes is that the conventional wisdom is, if you can delay, you should. And that's |
| 1:49.8 | what everybody always hears. Just push it off. Absolutely. You can read it in US news, |
| 1:53.8 | investipedia, money, whatever all those other publications are. But it's not accurate. Definitely not for |
... |
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