When do you know if you have enough for retirement? (#357)
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Manage episode 446038495 series 3320629
In this episode of Financial Advisors Say The Darndest Things, A.B. Ridgeway answers a question from Dominic in New Jersey, who asks, "How much should be my target for retirement?" Dominic is aiming for $3 million by age 62-67, but still worries that it might not be enough. A.B. breaks down how much you really need to retire, and whether those high retirement figures are realistic. He discusses 401k contributions, the importance of lifestyle in retirement planning, and how to balance aggressive versus conservative investment strategies.
Key Takeaways:
- Retirement Targets Vary by Lifestyle: The amount you need for retirement depends largely on your lifestyle choices, including how much you plan to travel, give, and spend.
- Maximize Contributions Early: Maxing out your 401k and utilizing catch-up provisions after age 50 are key strategies for building a strong retirement nest egg.
- Contentment is Key: While financial targets are important, true contentment comes from learning to appreciate what you have, rather than always striving for more.
Quotes:
- "The trick is to have a nest egg you can live off without touching the principal. Don't crack the egg or shoot the goose that's laying the golden eggs."
- "I've never met someone who says, 'I have too much,' but I have met people who can't find contentment because they're spiritually inept."
- "As Christians, we need to learn to be content with what we have—the food, water, shelter, and clothing that God has provided us."
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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.
Video/Audio Credit: Dave Ramsey Solutions
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