The Crushing Cost of Conservative Retirement Planning (SB1597)

The Stacking Benjamins Show

Joe Saul-Sehy and Josh ‘OG’ Bannerman, CFP

Personal Finance, Financial Planning, Education, Retirement, Investing, Cfp, Business, Money

4.4 • 2K Ratings

🗓️ 5 November 2024

⏱️ 59 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today, we'll discuss the pitfalls of overly conservative retirement planning and how it could delay your financial independence and retirement dreams. In this show which was originally aired on our "brother" show Earn & Invest, Doc G, and guest Jesse Cramer from the Best Interest podcast delve into the importance of finding a balance, exploring the impacts of stacking conservative assumptions related to social security, investment returns, and inflation. Jesse shares practical tips on re-evaluating your retirement assumptions, emphasizing the significance of flexibility and ongoing adjustments to avoid unnecessarily prolonging your work life. RUN OF SHOW Introduction and Topic Overview The Cost of Being Too Conservative Interview with Jordan Grumet and Jesse Kramer Workplace Benefits Guide Announcement Earn and Invest Podcast Begins Jesse Kramer's Background and Career Shift Conservative Assumptions in Retirement Planning Introduction to Conservative Retirement Assumptions Guest Introduction: Jesse Cramer The Impact of Conservative Assumptions on Retirement Strategies to Avoid Overly Conservative Assumptions Revisiting and Adjusting Retirement Plans The 4% Rule and Its Implications Balancing Conservatism and Aggressiveness in Retirement Planning The Consequences of Overly Conservative Planning Practical Tips for Retirement Planning Exploring the 'Die With Zero' Philosophy Dealing with Loss Aversion Anxiety Conclusion and Final Thoughts Post-Interview Discussion Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	At Navy Federal Credit Union, every day is Veterans Day. Navy Federal Credit Union is proud to serve the military community for over 90 years.
0:08.2	In fact, Navy Federal serves more than 2 million veterans every day.
0:13.1	45% of their employees are directly tied to the military so Navy Federal understands the needs of the veterans they serve.
0:20.4	Navy Federal also donates to not-for-profits, focused on veterans, like the mission continues.
0:25.4	And Navy Federal Credit Union, our members are the mission.
0:28.8	Learn more at NavyFederal.org slash veterans.
0:31.9	Navy Federal is insured by NCUA.
0:34.9	Hey there, Stackers.
0:36.0	I'm Joe Saul-C-Hi.
0:37.1	And what's the cost of being conservative?
0:42.3	It's funny because we think, well, I don't want to lose money, so I'm going to be really
0:45.9	conservative. But what if you very safely never get anything done? And that truly is the cost,
0:52.5	isn't it? In today's show, which is from our brother's show,
0:58.2	Earn and Invest, we're going to be chatting about exactly that. What is the cost of maybe,
1:05.8	just maybe, being too conservative and never getting where you want to go. It's hosted by my good friend,
1:11.9	Jordan Grummet, aka Doc G, at Earn and Invest. And it's an interview with our also good friend,
1:19.9	Jesse Kramer. And Jordan Grummet joins me now. Doc G, why was this interview so important to you
1:26.9	to talk about maybe being too conservative?
1:29.7	Well, I think the problem is we're so worried about running out of money that we end up being
1:37.1	incredibly conservative on not just one aspect of retirement savings, but multiple.
1:43.7	And see, the problem is when you start stacking these conservative assumptions, they
1:48.2	become exponential.
	...

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