"Magic" Number for Retirement Hits Over A Million (#220)

Financial Advisors Say The Darndest Things

Episode Summary: In this episode of Financial Advisors Say the Darnedest Things, AB Ridgeway delves into the pressing issue of retirement planning. He discusses the increasing gap between Americans' retirement savings and the amount needed for a comfortable retirement, citing findings from a recent Northwestern Mutual survey. Ridgeway emphasizes the importance of financial planning and offers insights into determining one's retirement savings goals. He concludes by urging listeners to take control of their financial futures and seek guidance from Christian financial advisors like himself.

Key Takeaways:

1. Rising Retirement Costs: Ridgeway highlights the stark reality of retirement planning, noting the widening gap between Americans' retirement savings and their anticipated needs. He emphasizes the importance of understanding one's financial requirements for retirement and the potential consequences of inadequate savings.
2. Importance of Financial Planning: The episode underscores the critical role of financial planning in securing a comfortable retirement. Ridgeway advises listeners to create detailed financial plans tailored to their individual circumstances, considering factors such as location, lifestyle expectations, and anticipated lifespan.
3. Determining Retirement Goals: Ridgeway provides practical advice on determining retirement savings goals, suggesting guidelines such as saving ten times one's final salary or aiming for 80% of pre-retirement income annually. He offers examples to illustrate these concepts and emphasizes the need for ongoing assessment and adjustment.
4. Seeking Professional Guidance: The episode concludes with Ridgeway inviting listeners to seek guidance from Christian financial advisors like himself. He emphasizes the value of working with advisors who share their clients' faith values and are committed to helping them achieve financial security and peace of mind.

Quotes:

1. "If you're listening now, this doesn't have to be you. And most likely, if you're listening now, this won't be you."
2. "So how can we lower the probability of running out of money in retirement or not having enough? Because we all know everything is in God's decree, so we cannot control what God has ordained for us, but we can reduce the probability through the pursuit of financial knowledge."
3. "So the safest investment you can make is organizing your finances. So, you know exactly where you stand financially and you could plan accordingly at this rate."

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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.