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SFB042 Three Numbers You Must Know to Build Your Finances

| November 15, 2016
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Episode Summary

Paul dives into the three numbers you must know when planning for your retirement. As we live longer and longer, it becomes difficult to predict how much money you'll need to live comfortably before you pass away. The worst thing to happen to you is that you have too much life and too little money. So, how can you prevent that? Listen in today’s episode on Paul’s explanation.

What Was Covered

  • 03:10 - The three numbers are: 4, 65, and 95, but what do these numbers mean to you?
  • 06:00 - You never know when you’re going to die, which makes it somewhat difficult to plan for your retirement.
  • 07:45 - You need to consistently be able to save 20% of your income.
  • 08:20 - Do you really need to save so much? Living expenses will drop when you retire. Well, maybe.
  • 10:45 - The most you should take out of your assets and portfolio should be 4% a year.
  • 14:45 - Paul explains why 4% is the magic number.
  • 18:40 - What are you worth in the market place?
  • 20:15 - Who would like to be really, really unhealthy at age 65? Most of you listening probably wouldn’t want to be in that position.
  • 21:45 - Paul explains what ‘joint mortality’ is.
  • 23:45 - Some of you are absolutely fine with working till you die, but Paul explains why this is a bad mentality to have.
  • 27:00 - If you’re healthy at age 65, then you have a high probability you’ll live to age 95.

Tweetables

"At least become a world class saver of setting aside 20% of your gross income."

"If we take out more than 4% a year, we increase our risk of running out over a 30-year period."

"You might have to have your income for longer than you worked in your entire career."

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