Making Money How to afford a good retirement - 9 levers to build wealth
24 snips
Oct 28, 2024 George Agan, a Chartered Financial Planner with extensive experience in guiding individuals towards financial security, dives into proactive retirement planning. He discusses generational financial disparities, highlighting challenges for baby boomers versus younger adults. Agan shares insights on the importance of treating time as an asset and adopting versatile strategies for income generation. He emphasizes smart investments, maximizing tax efficiency, and the evolving nature of work for long-term stability, encouraging adaptability and continuous self-education in financial planning.
AI Snips
Chapters
Books
Transcript
Episode notes
Generational Retirement Differences
- Millennials face a different retirement landscape than previous generations, like Baby Boomers.
- Defined benefit schemes are less common, and homeownership is more challenging.
Auto-Enrollment Limitations
- Auto-enrollment, while helpful, won't fully fund the retirement most millennials envision.
- Relying solely on it may lead to insufficient funds later in life.
Estimating Retirement Needs
- Use the rule of 375: multiply monthly income by 375 to estimate retirement savings needs.
- Factor in taxes and consider what "enough" means for your individual lifestyle.
