Jul 21, 2022
Let’s put retirement planning and preparation under the microscope. On today’s episode, we’re going to do a retirement planning pop quiz. Follow along and test your retirement planning skills and knowledge!
At what age should you start saving for retirement?
A. When you begin working
B. After you buy your first home
C. After you pay off all your debt.
Actually, the best time to start saving is now! The quantity you put away will change on your circumstances and age. Practicing this habit early helps with saving larger portions down the road.
Which of these is the best estimate of how much income you’ll need in retirement?
A. 50% of your current income
B. 85% of your current income
C. 100% of your current income
D. None of the above.
Generally speaking, we look at the amount of money coming into your bank account each month. Which is a piece of your current income. But the bills you have now may not be the same bills you have in retirement. For example, the mortgage may be paid off by then. What will you do with that extra income?
Join us today as we explore these questions and more!
Check out the full episode or use the timestamps below to hear a specific segment.
1:32 – Enjoying the summer
6:47 – At what age should you start saving for retirement?
9:27 – How much income will you need in retirement?
11:50 – Which of these are the best examples of diversification?
15:55 – Which of these do retirees fear the most?
17:18 – What percent should you withdraw from your portfolio each year?
For more, visit us online at http://flemingfinancialservices.com