So many people want to know the answer to the question, “How much do I need to retire?” More and more people have become less and less patient with getting that answer and just use a retirement calculator that gives them a quick answer. But we can guarantee that isn’t the right answer. Those retirement calculators don’t factor in so many important items—such as inflation, Social Security, Required Minimum Distributions, and your goals for retirement. Those are all components of a complete financial plan, which is what you need to figure out how much you need to retire.
Logan DeGraeve joins Dean Barber on The Guided Retirement Show to review the components of a complete financial plan. These are critical things to think about before and during retirement, so you won’t want to miss what Dean and Logan have to share.
In this podcast interview, you’ll learn: • The differences between traditional and Roth 401(k)s/IRAs. • Your goals are a crucial component of your financial plan. • Taxes and health care are the two biggest wealth-eroding factors in retirement. • The components of a complete financial plan should come together to take you to and through retirement … and maybe legacy is important to you as well.
00:00 - Introduction 01:23 - CFP® Professional on Proper Planning Elements 03:00 - Roth vs. Traditional 401(k) 03:55 - Painting Yourself into a Tax Corner 06:47 - What Are the Components of a Complete Financial Plan? 30:50 - Reviewing the Components of a Financial Plan
