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

11/07/23 • 6 min

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!
🚩 PODCAST https://retirestrong.buzzsprout.com/share
🚩 SCHEDULE Book a Phone Call or Zoom Meeting: https://calendly.com/protectionflorida/30min_meeting
🚩 ONLINE COURSE (Retirement Roadmap) https://protectionusa.thinkific.com/courses/RetirementRoadMap
🚩 FREE GUIDE (8 Money Rules to Retire Stronger) https://protection-usa.com/
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.

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.

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.

Previous Episode

EP. 3 - How Lifestyle Inflation is Ruining Your Financial Future | Protection USA

Welcome to a new episode of 'Retire Strong and Fearless,' your ultimate guide to retirement and personal finance. I'm your host, Rich Strehl, representing Protection USA. Today, we're on a mission to equip you with the knowledge and strategies to make your retirement truly exceptional. Whether you're at the brink of retirement or just starting out, we're here to embark on the journey to retire strong and fearless, together!

In this episode, we tackle a common financial trap that ensnares many Americans: lifestyle inflation. Did you know that 65% of Americans have experienced this phenomenon? It's a sneaky cycle where your spending gradually increases as your income rises, often leading to a higher standard of living. But beware, it can turn into a financial time bomb!

We'll delve into the gripping story of Sarah and John, a couple who aspired to live a lavish life but almost paid dearly for it. You won't want to miss the shocking statistics that unveil the lurking dangers of lifestyle inflation. Discover the steps you can take to safeguard your financial future and break free from the 'keeping up with the Joneses' trap.

We'll also share insights from the 2023 Retirement Confidence Survey by the Employee Benefits Research Institute, revealing some fascinating statistics on lifestyle inflation:

Learn what lifestyle inflation is and why people succumb to it.
Find out which expenses are the biggest culprits.
Discover how different generations are affected, with Gen X households being particularly prone.
Understand the alarming trend of Americans spending 23% more each year than a decade ago.
Uncover why this isn't necessarily a good thing, as it can lead to financial instability and debt.

But don't worry; we're not just here to highlight the problem. We're also here to provide solutions. In this episode, you'll learn practical steps to combat lifestyle inflation:

Invest regularly in the market regardless of the conditions: Embrace dollar-cost averaging to make consistent investments, reducing the impact of market volatility and emotional decision-making.
Master saving 10% and gradually increase to 20%: Build financial discipline and benefit from the power of compound growth by saving and investing more over time.
Inflate your lifestyle slower than your income inflates: Delaying lifestyle inflation can lead to financial independence, giving you the option to work less or retire sooner.

As we wrap up, remember that it's not about keeping up with others; it's about staying ahead. Break free from lifestyle inflation, take control of your financial destiny, and secure your future.

If you found this episode valuable, please consider leaving a rating and review on your preferred podcast platform.
🚩 WEBSITE https://protection-usa.com/
🚩 PODCAST: https://retirestrong.buzzsprout.com/share
🚩 SCHEDULE Book a Phone Call or Zoom Meeting: https://calendly.com/protectionflorida/30min_meeting
🚩 ONLINE COURSE (Retirement Roadmap) https://protectionusa.thinkific.com/courses/RetirementRoadMap
🚩 FREE GUIDE (8 Money Rules to Retire Stronger) https://protection-usa.com/
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.

Next Episode

EP. 5 - Retirement Myths That Might Ruin Your Golden Years | Protection USA

Dive deep into the revolution of retirement planning in this explosive episode of "Retire Strong and Fearless." Hosted by Rich Strehl, we challenge the age-old myth that retirees should solely focus on leaving a hefty inheritance. Join us on John's extraordinary journey as we unravel the secrets to creating an unconventional wealth and legacy in your golden years.

Explore the delicate balance between financial security and experiencing the richness of life. We demystify the financial realities of retirement, emphasize open communication with heirs, and redefine the true legacy that extends beyond mere monetary values.

This episode is your gateway to understanding the intersection of wealth and experiences in retirement. From healthcare costs to Medigap insurance, budgeting strategies, and embracing simple joys, we cover keywords like retirement myths, financial legacy, unconventional retirement, and more.

Tune in to challenge the norm, embrace a fearless retirement journey, and discover the keys to a retirement that's not just strong but downright furious. Your feedback fuels the revolution! Don't forget to drop a review and share your thoughts on this game-changing episode that breaks the mold of traditional retirement planning.
🚩 WEBSITE
https://protection-usa.com/
🚩 SCHEDULE Book a Phone Call or Zoom Meeting: https://calendly.com/protectionflorida/30min_meeting
🚩 ONLINE COURSE (Retirement Roadmap) https://protectionusa.thinkific.com/courses/RetirementRoadMap
🚩 FREE GUIDE (8 Money Rules to Retire Stronger) https://protection-usa.com/
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.