Best Retirement Advice from the Experts

Planning for a vacation or for tuition bills is easy, you can pretty much know how much you’ll need for a specific goal. Retirement planning, not so much and that’s just one of the issues with planning for those long days.

Advice here covers everything from your retirement “number” to dealing with the emotional side of retirement planning and even if early retirement is possible.

What’s your Number?

 While there’s no formal calculation to arrive at how much you’ll need, I’ve never seen one anyway, the post recommends 25-times your annual expenses.

The 25x rule coincides with the general idea that you can safely withdraw about 4% of your nest egg every year without having to worry about running out of money. 

Basing the rule on your expenses instead of income is smart because that is what you are trying to cover in retirement.

Retiring Millenials? How Old Do I Feel?

I used to dream about early retirement but the meaning has changed for me over the years. I enjoy my work as an investment analyst and blogger and can’t imagine what I would do all day in “retirement.” 

My own retirement plan is more of a slow shift to less work starting around 55 years old and leveling off to where I only rely on my investments by the time I turn 70 years old. 

If I’m able to work later into my life, even if it’s only five hours a week, then I’ll just have extra money. 

Are You Afraid of Retirement?

Joe points out a Fidelity study that shows the average retirement fund balance of those 55 and older is just $250,000 and nowhere near enough to last several decades.

In fact, assuming a 4% withdrawal rate over about 20 years, that amounts to just $10,000 a year to live on. Even with Social Security added in, that’s not much. 

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