Welcome to another episode of the Mind of a Millionaire podcast. In the last 50 years, the average life expectancy has jumped nearly ten years. That is ten more years that we must include when budgeting out our retirement, which worries many people. With that said, there are numerous ways which we can all strive to make sure our retirement savings is sufficient throughout our golden years.
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“I have heard a lot about the FIRE community – what steps should I take to retire early?” [0:38]
F.I.R.E. – Financial Independence Retire Early
Instead of saving 15% of your income, save 50% [2:13]
What about the tax penalties resulting from pulling that money early? [2:41]
“I want to begin saving for my child’s college – the only concern I have is what happens to that money if my child doesn’t need it, say they receive a scholarship or choose to go to the military?” [5:03]
“Life expectancy is increasing – what can I do to make sure my retirement savings lasts?” [7:18]
Fixed income investments vs. the stock market [7:36]
Bucketing Strategy [9:31]
Let us know what you think: What do you think about making that retirement money last throughout retirement? Do you practice any habits or routines that you would recommend?
Thanks for listening to the Mind of a Millionaire podcast this week. We are having a great time answering your questions on the show, so please keep sending them our way. You can call us, email us, drop a note on our website, or message us on social media with your questions and we would be happy to get them answered for you.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
No strategy assures success or protects against loss.
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This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.
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