By 2030, nearly all baby boomers will have passed retirement age, but how many of them are actually prepared to retire comfortably? We discuss the most common ways people save their money for retirement, how different generations have different views of saving, and how much you’ll need to save to retire in the future. This conversation gets a little heated when we get into the details of how much it actually takes to retire and that inflation is taking money from you.
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In Episode 29 You Will Learn
- What Warren Buffett plans on doing with his money when he dies.
- Where most people are putting their retirement savings and why it may not be the safest option.
- The average accumulated savings of people retiring today.
- How much money you should be saving per month – and where you should be putting it – in order to retire comfortably.
- Why the rate of reverse mortgages is going to start going down.
- How inflation means you can actually be LOSING money by investing in a T-Bill.
- Why the education we get through our school system is not relevant to the world we live in today.
- The power of compounded rates of return.
- How to see how much you need for retirement by using my Early Retirement Calculator.
Links From This Episode
- Reverse Mortgage
- Social Security
- Gold Fund
- Commodity Fund
- Indexed Universal Life Insurance
- Indexed Annuities
- Stock Market Index Fund
- Compound Rates of Return
Show Notes: Retirement Calculations
We discuss inflation and the power of compound interest. I attached the calculations that I do in the picture below, so you can see the difference getting a 15% return makes. You can see in the picture that having the same investment capital of $61,000, the difference your rate of return makes on how much you end up with and how many years you have to live on.
You can find out exactly what YOUR number is here by using my Early Retirement Calculator.
Just enter your email, download the spreadsheet and enter your own numbers to discover exactly what you need in retirement.