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The Personal Finance Podcast
The Step-By-Step Guide to Self-Funding Your Retirement!
Jul 31, 2024
Discover essential strategies for self-funding your retirement! Delve into the benefits of life insurance and real estate investments as key components of a balanced portfolio. Learn how to assess your retirement needs and set achievable savings goals, no matter your age. Explore tax-efficient investment options like HSAs, Roth IRAs, and 401(k)s. Finally, understand the optimal order for withdrawing retirement funds and tips for self-employed individuals to ensure a smooth financial transition.
33:48
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Quick takeaways
- Establishing a clear retirement savings goal based on estimated annual expenses, including healthcare and inflation, is essential for financial security.
- Utilizing various retirement accounts like HSAs and Roth IRAs can enhance savings through tax advantages and effective investment strategies are crucial for long-term growth.
Deep dives
Assessing Retirement Needs
Evaluating retirement needs is a critical first step in preparing for retirement. Individuals should start by determining their annual expenses, which can include travel plans, healthcare costs, and hobbies they want to pursue. It's essential to factor in potential changes over time and accommodate for inflation, ensuring that retirement savings maintain purchasing power. Establishing a savings goal based on these estimated expenses, such as the rule of 25, can help create a clear financial target for retirement.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode