Retire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®
Business:Investing
Walter was being nosy recently and asking his mom about her retirement plans. When she told him she was planning on living off of 80% of her current income during her retirement years, it raised a red flag. How did she come to that figure?
You guessed it, she didn't really have an exact answer for why she picked that number.
So Walter turns to Kevin on this week's podcast to understand how that "80% Rule" worked its way into the retirement planning vernacular and why we'd all be wiser to ignore it.
This is the first of a five-part series we're revisiting on Retirement Rules Gone Awry.
What we discuss in this episode:
1:40 - Backstory on this topic
4:28 - How do you determine the amount?
6:03 - Where does it vary from person to person?
10:40 - Why this rule falls apart
15:07 - Building customized plans
17:13 - Final thoughts
Read more and get additional financial resources here: https://www.truewealthdesign.com/podcast/
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