What's the Point of Saving 25% for Retirement?

Money Guy Show

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

Investing, Education, Business

4.7 • 3.1K Ratings

🗓️ 8 December 2023

⏱️ 23 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Why do we recommend saving 25% for retirement? And do you really need to save that much? We'll walk you through that question and more in today's Q&A episode! Jump start your journey with our FREE financial resources Reach your goals faster with our products Take the relationship to the next level: become a client Subscribe on YouTube for early access and go beyond the podcast Connect with us on social media for more content Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Are you ready for a spicy question?
0:07.0	Are you ready for a spicy question?
0:09.0	Maybe.
0:10.0	It's a little spicy.
0:12.0	We'll see. It says, what's the point of saving 25% for retirement to replace all of our income when expenses will likely decrease from the already
0:23.8	self-imposed scarcity of pre-retirement spending. So what's the point? Why save 25%
0:30.3	especially if I think my expenses are going to decrease in the future.
0:34.0	Can I let you have an analytical and I do the emotional part of the beginning?
0:38.0	What was the name?
0:39.0	Seth.
0:40.0	Seth.
0:41.0	Seth, I want to tell you a little story.
0:43.0	I thought I was going to retire at 50.
0:45.0	No, I'm not Will Spinn.
0:50.0	I thought I was going to retire at 50 years of age.
0:54.0	So when I was in my early 20s, I started saving and investing
0:58.0	like I was going to retire when I was in my 50, when I hit 50.
1:02.0	I'm soon to cross the threshold of 50. I'm soon to cross the threshold of 50. I am no closer to retirement than the man in the moon.
1:08.0	There's a chance I might be doing this on the day that they roll me out on the gurney.
1:12.0	Because I just love this. I absolutely love it. on the day that they roll me out on the gurney.
1:13.0	Because I just love this.
1:14.0	I absolutely love it.
	...

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