Ep 36: Can You Get An A+ On Our Retirement Planning Quiz?

How prepared are you for retirement? Do you know how much income you’ll need and what retirees fear the most? Today we’re testing your knowledge to see if you have what it takes to retire successfully.
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Show Notes For This Episode

How much do you know about retirement planning? On this episode of Saving the American Dream, we’re testing your knowledge.

At what age should people start saving for retirement?

  1. A) When you begin working
  2. B) After you buy your first home
  3. C) When you pay off all your debts

We can eliminate C right off the bat, especially when we look at the cost of housing. We see quite a bit of people who wait until after they get their first home to start putting away money aggressively.

But the correct answer is A, because of the impact of compound interest. When you start very early in your working career, in your 20s, it can be extremely powerful.

Which of these is the best estimate of how much income you’ll need in retirement?

  1. A) 50% of your current income
  2. B) 85% of your current income
  3. C) 100% of your current income
  4. D) None of the above

We’re going to give you two correct answers here. C is a good estimate. You should be aiming to get to 100% of your current income. We could also make an argument for answer D.

On today’s show, we also quiz you about what retirees fear the most. Listen to the full podcast or use the timestamps below to jump to a specific section.

 

Navigating the Show

[2:36] – Start saving

[8:08] – Best estimate

[12:34] – Fear the most

[15:37] – Diversified plan

[21:30] – Withdrawing money

[25:23] – Mailbag: Rate of return

 

I bet you can find at least $100 a month, $25 a week that you could put away, even if you’re just starting small.

– Michael Schulte

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Copyright 2020 Saving The American Dream Podcast. Michael Schulte is an investment advisor representative and certified exit planner with WestPac Wealth Partners, located at 330 South Center Street, Suite 344, Casper, Wyoming 82601. The podcast is for informational purposes only. Individual risks and investment objectives must be reviewed prior to making any recommendations. Podcasts are for informational purposes only. Any guest speakers and their firms are not affiliated with or endorsed by PAS, Guardian, or WestPac Wealth Partners and opinions stated are their own. Guardian, its subsidiaries, agents, and employees do not provide tax, legal or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. Michael is a Registered and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 5 Centerpointe Dr Suite 150, Lake Oswego, OR 97035, 503-207-4550. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. WestPac Wealth Partners is not an affiliate or subsidiary of PAS or Guardian. 2022-140225 Exp 7/24