2462: 5 Retirement Questions You Need To Ask by Scott Spann with Financial Finesse on Planning, Wellness & Lifestyle Goals
Feb 18, 2024
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Scott Spann from FinancialFinesse.com discusses 5 key retirement questions. Topics include aspirations, lifespan, costs, savings needs, and withdrawal strategies. Emphasis on integrating lifestyle goals with financial realities for a secure retirement.
Integrate lifestyle goals with financial realities for a fulfilling retirement.
Consider personal life expectancy when estimating retirement savings needs.
Deep dives
Question 1: What do you look forward to the most during retirement?
One important question to consider in retirement planning is what activities and goals you envision pursuing during your retirement. This helps shape your desired retirement lifestyle and allows you to allocate your time and resources accordingly. This could include factors like travel plans, living arrangements, new hobbies, or financial support for grandchildren.
Question 2: How long will my retirement last?
Considering your life expectancy is crucial while planning for retirement. As life expectancy plays a significant role in retirement costs, estimating how many years you'll spend in retirement helps determine how much you need to save. It's suggested to use a realistic but optimistic life expectancy, while personalizing the assumption based on your health, wellness history, and family's longevity.
Question 3: How much will retirement cost?
Anticipating retirement expenses involves assessing whether you want to maintain your existing standard of living or make adjustments. Starting with a 70-80% income replacement goal and adjusting based on anticipated lifestyle expenses is a general rule of thumb. However, it's important to review your current and future budget to get a more accurate estimate, considering factors such as inflation rates, healthcare costs, and mortgages or debts that need to be paid off.
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Episode 2462:
Scott Spann of FinancialFinesse.com outlines five critical questions for effective retirement planning, urging individuals to consider their aspirations, lifespan, costs, savings needs, and withdrawal strategies. This holistic approach emphasizes the importance of integrating lifestyle goals with financial realities to ensure a fulfilling and financially secure retirement.
"The sad reality is that most people spend more time planning a vacation or a major purchase than how they will spend their retirement years or how much it will cost."