Do We Have Enough for Retirement? [Plus Bonus Worksheet]

Рет қаралды 8,162

Күн бұрын

How much it will cost to meet your needs is one of the hardest parts to understand about retirement. Relying on conventional wisdom will only get you so far, and may even lead you astray.
In this episode, James explains how to get an accurate sense of your retirement expenses while walking you through a real example from a listener question.
As a bonus, we are including a free worksheet for you to use: docs.google.com/spreadsheets/...
Questions answered:
How can you tell if you're financially on track for retirement?
What do you do before social security kicks in to supplement income?
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⏱Timestamps:⏱
0:00 Intro
3:10 Listener question
3:57 A few things to consider
6:00 Here's where to start
10:23 Where does the rest go?
13:07 Steps 1 and 2
16:31 Their portfolio
18:31 Retirement expenses
21:50 Income strategy
23:40 Outro
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Пікірлер: 13

@garyxyz4400 Жыл бұрын

Wow!!! GG is killing it. Sounds to me like they should have no problem but social security and a pension already covers their expenses. The TSP, 401k and Roth is a nice extra.

@gizmobowen Жыл бұрын

Thanks for the spreadsheet, James. Lots of good info in this podcast, but would have also enjoyed a video to make it easier to follow along with the numbers.

@TheFirstRealChewy 9 ай бұрын

I did a spreadhseet last year to list out all monthly expenses and annual expenses. I found that we were lying to ourselves in terms of what we were spending, and that didn't even include some additional one off expenses. Now we have an annual budget for all expenses. However, it has been adjusted a few times, but is becoming more mature. I'll feel good when we don't have to make any adjustments other than for inflation.

@kelmike060404 Жыл бұрын

I had to rewind to make sure I heard that income right 😮

@roburb73 Жыл бұрын

At that income they should be investing/saving much more than the little they are! Yes, without question they will have enough to retire COMFORTABLY in the PI. I have several friends who live there on their military retirement and they live like kings!

@TheFirstRealChewy 9 ай бұрын

Yes, they could be saving more, but whether they should is debatable. If we happen to reach FI prior to reaching retirement age, I'd want to keep working unless I really can't stand working. We'd stop investing and spend every dollar of the income.🎉🎉🎉

@rickchandler2570 Жыл бұрын

I’m not sure why it’s so complicated. I tracked everything I spent for a year. I’m not skimping or not enjoying myself and I still spent less than $5000 a month total. So it would make sense that in retirement I’m going to need less than that as I don’t have the same expenses.

@dforrest4503 Жыл бұрын

Right. That’s also a heck of a ply of expenses for this couple.

@brucefullwood Жыл бұрын

If both your income and expenses are both adjusted for inflation in the future, I prefer to look at constant, current dollars rather than doing the guessing. For example, I'm expecting most of our retirement income will come from our rentals, and part of it from SS. Both should be inflation-adjusted in the future. Therefore, my planning spreadsheet is entirely constant 2023 dollars. I have a little ($600k or so) coming from 401k. I have it invested in 60/40 equity/debt. I think it'll account for inflation enough for me to not concern myself with the subject.

@dallison1961 Жыл бұрын

I like the approach you take to calculating expenses. Something does not add up with the numbers GG has given for their income and expenses. There's a lot of missing money. Also, at their income level how are they putting money into a Roth IRA? That's way above the income limits for a Roth IRA contribution. I suppose they could do a backdoor Roth conversion but that isn't discussed here. I know the concept equally applies, but I think it would be better to show examples for more "normal" income levels that average people can relate to. As soon as I heard their income level I almost tuned out.

@TheFirstRealChewy 9 ай бұрын

It's still good since there are people at various income levels.