Episode description
Episode description
“Remember to overestimate your expenses and build in a margin for unexpected costs and consider the impact of taxes in retirement.”
Without the right strategy, planning for retirement can be overwhelming. In this episode, you'll take the first step towards creating a personalized retirement plan simply by taking stock of five essential numbers.
“Fixed expenses” means different things to different people. Learn how to zero in on what exactly those expenses are for you. You’ll also find out how much money really goes into an emergency savings fund, and how to factor in fixed income sources like social security and (for those lucky enough to have them) pensions.
Next, our host Danny Gudorf speaks on identifying the income gap between fixed expenses and your monthly income. You'll discover strategies for filling this gap, including the optimization of investment withdrawals using the 4% rule, as well as the art of sticking to your retirement income guardrails. Finally, Danny covers what you need to know about creating a tax plan for retirement.
Key Topics:
- Fixed Expenses (2:44)
- Emergency Savings Fund (5:29)
- Fixed Income Sources (7:25)
- The Gap Between Your Fixed Expenses and Monthly Income (10:36)
- Investable Assets and How Much Income You Can Generate From Them (11:30)
- 4% Rule Versus Retirement Income Guardrails (14:48)
- Summarizing the 5 numbers (16:12)
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