Welcome to another enlightening episode of the Building Your Money Machine Show. Ever wondered if the retirement plan you're following might be completely wrong? Today, we're dismantling the conventional wisdom around retirement planning—a topic that's critical to ensuring you don't just survive your retirement, but actually thrive in it.
In this episode, I tackle why the common advice of aiming to replace 70-80% of your pre-retirement income might be setting you up for disappointment. This one-size-fits-all advice fails to account for your unique life, dreams, and spending habits. From inflation and healthcare costs to your personal goals and lifestyle changes, we’ll dive into why personalized financial planning is essential.
Drawing on studies and personal experience, I illustrate how a generic retirement plan can fall short and share detailed steps to create a bespoke retirement plan that's tailored to your specific needs. We’ll talk about understanding your spending habits, accounting for inflation, considering longevity, preparing for healthcare costs, and identifying your income sources.
IN TODAY’S EPISODE, I DISCUSS:
- Why generic retirement advice is often misleading and insufficient
- The impact of inflation and how to plan for it
- The critical nature of healthcare costs and long-term care considerations
- How to account for longevity in your retirement planning
- Stress testing your plan for various scenarios to ensure its robustness
- The role of financial planners, coaches, and mentors in your financial journey
RECOMMENDED EPISODES FOR YOU
If you liked this episode, click here to enjoy these and more:
https://melabraham.com/show/
- Life Advice From A 63 Year Old Self Made Millionaire
- My Copy-Paste Strategy To Become Wealthy The Lazy Way
- Why You Never Feel Like You Have "Enough"
- Why You Aren't Investing (and How to Fix It)
- If You're In Your 50s or 60s… You Need To Watch This.
RECOMMENDED VIDEOS FOR YOU
If you liked this video, you'll love these ones:
- Life Advice From A 63 Year Old Self Made Millionaire: https://youtu.be/tNhWvaddcjo
- My Copy-Paste Strategy To Become Wealthy The Lazy Way: https://youtu.be/5YkAPad2K3g
- Why You Never Feel Like You Have "Enough": https://youtu.be/pVrC7zcNxHg
- Why You Aren't Investing (and How to Fix It): https://youtu.be/nRJ4QN3g_xw
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