How Much Money Do I Need Saved to Spend 10,000 Per Month in Retirement?

Secure Your Retirement

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss the question many retirees and pre-retirees ask: "How much money do I need saved to spend $10,000 per month in retirement?" This is a highly specific question that requires a tailored approach to retirement planning. Radon and Murs reverse engineer this scenario to illustrate how to plan effectively, considering factors like budgeting on Social Security, inflation, and market volatility. They share insights into how their firm uses personalized retirement planning to provide peace of mind and ensure you can retire comfortably without worrying about running out of money.

Listen in to learn about the importance of understanding rules of thumb, like the 4% rule for retirement, while also acknowledging their limitations. Radon and Murs explain the concept of sequence of returns risk and how strategies like dividing assets into growth and safety buckets can help mitigate risks. They also emphasize the need to factor in inflation and longevity when determining whether your retirement savings are sufficient for your desired lifestyle.

In this episode, find out:

· The relevance of the 4% rule and its application to budgeting on Social Security.

· How inflation and market volatility impact retirement income strategies.

· Why personalized retirement planning is essential for financial security.

· The role of growth and safety buckets in combating sequence of returns risk.

· What to consider when deciding to retire and ensuring a smooth transition.

Tweetable Quotes:

· “Retirement planning isn’t about simple math—it’s about creating a personalized strategy that gives you peace of mind.” – Radon Stancil

· “Sequence of returns risk can derail a retirement plan, but strategies like safety and growth buckets provide stability and confidence.” – Murs Tariq

Resources:

If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!

To access the course, simply visit POMWealth.net/podcast.