Why You May Need to Save Less Than You Think for Retirement

The Money with Katie Show

Money with Katie

Self-improvement, Education, Business, Investing, How To

4.8 • 1.3K Ratings

🗓️ 6 April 2022

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

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Summary

Worried you're behind, or may not have enough money to retire someday? You may have less cause for concern than you think. Today’s episode dives into the math behind why you may need to save less than you think for retirement, with two solid examples from my own life. Plus, an interview with Kim Curtis, a nationally recognized wealth management advisor and President and CEO of Wealth Legacy Institute, where she dives into what we actually need to be worried about in retirement. Hint: It’s likely not running out of money. FOLLOW ALONG Money with Katie Blog Money with Katie Instagram Money with Katie Twitter Sign up for the Newsletter! FULL EPISODE TRANSCRIPTS AT HTTPS://PODCAST.MONEYWITHKATIE.COM Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome back rich girls and guys to the Money with Katie Show.
0:11.3	Today's episode might feel a little contradictory.
0:15.8	You may have looked at the title and thought, personal finance person say what?
0:19.9	I'm making you just say less than I think.
0:23.2	You heard me.
0:28.4	While I have certainly seen some budgets that would make Kris Jenner cringe, I actually
0:33.9	think there is something to be said for the realization that you are going to be okay
0:39.6	based on your current habits.
0:41.7	The inverse of this realization, obviously, is that you're not going to be okay based
0:45.8	on your current habits.
0:47.2	But when I look at the boomers who mostly experienced life in a time before personal finance
0:53.6	content was a thing and they were, I don't know, more or less winging it, it seems like
0:59.2	time is on most people's side.
1:02.6	Boomers, after all, have an average net worth of $1.2 million.
1:08.2	While millennials have an average net worth of $100,800 per CNBC, are the boomers smarter?
1:16.8	Are they better?
1:17.8	I mean, maybe, but probably not.
1:20.4	Maybe they're just older.
1:21.6	They've been in the market longer.
1:23.6	And while they certainly didn't have the student loans or the home prices that we're facing
1:27.9	today, they did have a few gnarly bear markets that would have had their money more or less
1:32.9	earning nothing for not insignificant amounts of time.
	...

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