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134 - How to Know If You're On Track to Retire
Description
Scott and James discuss how to know if you're on track to retire.
Listener Question
I am 26 years old and have a TSP account valued at 20k, and a variety of stock/bold portfolios that are earmarked for different priorities that total to about 40k. I get a company match of up to 5% which I utilize up to that. I currently contribute 300 in addition to maxing out my Roth IRA that is valued around 12k. Now, assuming I continue this pace what would you say is the likelihood that I’ll be able to retire off of 60-70k a year? I have hesitations with blindly trusting a “4%” rule since when the study was done it was with the 5% safe rate of return from bonds back in the 90s. Thanks for your time!
Planning Points Discussed
- Retirement Planning
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
3:57 - Listener Question
6:02 - Inflation
9:30 - Employer Matching
11:40 - Time Horizon
14:18 - Lifestyle Changes
17:50 - Retirement Rules
23:22 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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