Discover this podcast and so much more

Podcasts are free to enjoy without a subscription. We also offer ebooks, audiobooks, and so much more for just $11.99/month.

Do I Have Enough Money to Maintain My Lifestyle in Retirement?

Do I Have Enough Money to Maintain My Lifestyle in Retirement?

FromRetirement Answer Man


Do I Have Enough Money to Maintain My Lifestyle in Retirement?

FromRetirement Answer Man

ratings:
Length:
35 minutes
Released:
Mar 31, 2014
Format:
Podcast episode

Description

This Week, Roger Whitney introduces a new service YOU ASK I ANSWER, where you can ask your retirement planning questions and receive a response.
Then he begins to answer the question, will I have enough money to maintain my lifestyle during retirement?
The first step to answering this question is to determine what your retirement lifestyle will be. You do this by breaking your retirement lifestyle into three buckets:

Retirement Essentials. Those retirement expenses needed to maintain your household (housing, utilities, food, insurance, etc.)
Retirement Lifestyle. Those retirement expenses for things that enrich your life (travel, entertainment, home improvements, hobbies, etc.)
Retirement Dreams/Legacy. Those special things that you would like to accomplish (major travel, gifting, purchasing a second home, etc.)

Breaking your retirement lifestyle into these three buckets gives you the flexibility to adjust your retirement lifestyle each year based on how your retirement unfolds.
Once you do this, you need to consider how you will spend during retirement. For example inflation. Consider what your personal inflation rate is based on your spending habits.
Also consider closely whether you want to spend more earlier in retirement with the understanding that you will lower spending in later years. In essence, buy yourself more lifestyle now, while you are younger and healthier. 
Once you've completed this step you are well on your way to determining how much money you will need to maintain your lifestyle in retirement. 
In future podcasts, he'll address the next steps in this process.
Released:
Mar 31, 2014
Format:
Podcast episode

Titles in the series (100)

A top retirement podcast. Roger Whitney, CFP®, CIMA®, CPWA®, RMA, AIF® guides you on how to actually do retirement well financially and personally. This retirement podcast isn't afraid to talk about the softer side of retirement. It will teach you how to retire with confidence. Two-time PLUTUS winner for best retirement podcast / blog and the 2019 winner for best financial planner blog. This retirement podcast covers how to create a paycheck, medicare, healthcare, Social Security, tax management in retirement as well as retirement travel and other non-financial issues you'll need to address to rock retirement. Retirement isn’t an age OR a financial number. It’s finding that balance between living well today and feeling confident about your retirement. It’s about gaining more freedom to pursue the life you want. Join the rock retirement community at www.rogerwhitney.com