Financial Residency Financial Vitals: Are You Saving Enough For Retirement
Are you on track for retirement? Where are you at, what's most important, and where do you want to go? Are you saving enough income at this point in time to become financially independent?
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to know if you are saving enough money for retirement. Check your financial vitals against your financial plan. Run the numbers!
Topics Discussed: • Retirement Rules: Follow percentages of income or gross income before taxes? • False Assumptions: Everyone has same tax brackets, goals, values, priorities • Starting Line: Create, consult financial plan for values, goals, resources, priorities • Ways to calculate and run the numbers: ◦ Rules of thumb ◦ Linear return projections ◦ Monte Carlo analysis • When? Run the numbers today and adjust over time to accommodate changes • Improve Efficiency: Maximize tax shelters, backdoor Roth IRAs, financial plan
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