If you’ve ever felt overwhelmed or intimidated by the idea of a fixed retirement number, advertised by some financial institutions, you’re not alone. In this episode, Scott debunks the retirement number myth, explaining that your retirement number is not just a single, daunting figure, but instead a combination of different income streams that work together.
Join us as we walk through a hypothetical scenario of John and Jane’s retirement plan and illustrate how Social Security, pensions, and other sources of income can significantly contribute to reaching your financial goals. We’ll also take a look at how inflation impacts your retirement planning and more!
Here’s some of what you will learn in this episode:
- An introduction to the “retirement number” + How is this number actually calculated? (4:42)
- Effective retirement planning considers all sources of income and potential gaps in savings so that you can make adjustments if necessary. (10:32)
- Factoring in inflation into your plan + It’s never too early to start planning. (14:38)
If you have any questions about what we discussed or anything else in your financial plan, email us at email@example.com.
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