Wes Moss, a fiduciary financial advisor and retirement expert, shares practical methods to determine how much you really need to retire comfortably. He emphasizes the importance of calculating income sources like Social Security and pensions alongside personal spending goals. The discussion also tackles how fear-mongering headlines can skew financial perspectives, promoting a long-term view instead. Plus, Wes answers listener questions, offering insights into navigating financial anxiety amid troubling news.
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volunteer_activism ADVICE
Calculate Retirement Savings
Calculate your retirement needs by subtracting guaranteed income (Social Security, pensions) from your estimated spending.
Multiply the resulting gap by 25 to determine the retirement savings needed.
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Plan Retirement Activities
Start planning your retirement activities now, don't wait.
Test out various hobbies and interests to discover fulfilling core pursuits.
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Direct Indexing Advice
Direct indexing can be beneficial for taxable accounts due to tax-loss harvesting.
Keep costs low (0.1-0.3%) and consider it only for after-tax investments.
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What the Rich Teach Their Kids about Money - That the Poor and the Middle Class Do Not
C.P.A. Sharon L. Lechter
Robert Kiyosaki
The book tells the story of Robert Kiyosaki's two fathers: his 'poor dad,' a highly educated but fiscally poor man, and his 'rich dad,' the father of his best friend who was a successful entrepreneur. It emphasizes the importance of financial education, distinguishing between assets and liabilities, and building wealth through investing in assets such as real estate and businesses. Kiyosaki argues that a good education and a secure job are not guarantees for financial success and provides practical lessons on how to make money work for you rather than working for money[1][3][5].
You Can Retire Sooner Than You Think
Wes Moss
How much money do you need to retire? Fiduciary financial advisor Wes Moss outlines two straightforward methods to determine the amount you'll need for a comfortable retirement. Wes walks you through factoring in income streams like Social Security and pensions, alongside your individual spending goals, to arrive at your target number. Also, "doom and gloom" headlines can often dominate financial news. Should you listen? Wes shares his perspective.
Plus, Christa shares your #AskWes questions and Wes gives his take. All this and more on the February 25, 2025, Ask an Advisor episode of the Clark Howard podcast. Submit your questions at clark.com/ask.
We hope you enjoy our weekly Ask An Advisor episodes, in which Christa and Wes discuss investing and retirement savings in depth. Let us know what you think in the comments!
The Clark Howard Podcast 
