105: Planning For Your Retirement

Each person’s retirement planning strategy is deeply personal. There are so many options for retirement accounts because they’re designed to be suitable for people with many different needs and lifestyles. But from 403(b)s, 501(c)3s, and 457(b)s, and other accounts, the amount of alphabet soup associated with retirement planning can be stupifying. Without financial education, confusing retirement account and tax code names can be a huge barrier for people trying to set themselves up for their future. This week, Kiersten and Julien break down all of your retirement account options and the pros and cons of each while shining a light on some murky topics like incentives, contribution limits, income ceilings, and deferred retirement account taxes.

Julien and Kiersten ask, “When should you stop contributing?” and provide some helpful guidelines and tools for listeners, including factoring in your longevity risk and using retirement calculators or Monte Carlo simulators to predict your future financial needs. Kiersten ultimately cautions listeners to plan ahead carefully, saying, “Retirement isn’t a team sport. [...] My theory is that the reason [the government does] this is so that when they don’t provide you enough at the time you need it, they can say, ‘Hey man, I gave you every unfair advantage before this, so it’s not really on me to help you figure out a solution.’ It’s not fair, but it’s the system we’re operating in.”

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