EP. 4 - Retirement Truths: Why You Need Less Money Than You Think | Protection USA

Welcome to "Retire Strong and Fearless," the podcast where we debunk common retirement myths. I'm your host, Rich Strehl with Protection USA.

Today, we'll challenge the notion of how much money you need to retire in style. Whether it's $50,000 or another number, we'll show you a simple way to estimate it using the Rule of 17.

The Rule of 17 assumes a 6% annual return on investments throughout retirement and suggests allocating 40-60% to a reliable annuity for low fees, guaranteed growth, and lifetime income.

But there's a twist. Most retirees follow a 60/40 portfolio, and it's been performing better than the Rule of 17's 6%.

When it comes to drawing from your retirement funds, you may not need to leave behind your initial principal. By exploring life insurance, you can have more flexibility.

Annuities play a crucial role, providing guaranteed income that can cover your expenses and keep pace with inflation.

Fidelity's 2022 report on retirement spending reveals that expenses like food, entertainment, and transportation show minimal fluctuations, while housing tends to decline, and healthcare increases but eventually stabilizes.

In summary, the Rule of 17 is a starting point, but tailor your retirement plan to your unique circumstances. Challenge the status quo to secure your retirement confidently.

Thank you for tuning in, and if you're enjoying the podcast, please leave us a review. It means the world to us and helps more listeners access this valuable information. Thanks a bunch!
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Disclaimer: Rich Strehl was a licensed financial planner from 2007 - 2014. By design, he no longer carries this license. He is a licensed insurance agent with a lot of strategies, insight and ideas. Our videos are for entertainment purposes only. The information presented should not be construed as financial, tax or legal advice. Always do your own due diligence.