The Game Plan
At what age should people start saving for retirement?
- When you begin working
- When you buy your first home
- When you pay off all your debt
Definitely not when you pay off all your debt, it’s likely you’ll have debt on and off throughout your life. The best time is when you start working, especially if your job offers a 401(k) match.
Which of these is the best estimate of how much income you’ll need in retirement?
- 50% of your current income
- 85% of your current income
- 100% of your current income
- None of the above
Your retirement income is never going to be 100% because of deductions. It’s fair to say none of the above. Around 65% is going to be the most common estimate, but finding a customized and personalized number is important for your plan.
Join us today as we answer these retirement trivia questions and see how well you do with your financial knowledge.
The X’s & O’s
Check out the timestamps below to skip around to specific topics on the show.
[1:49] – At what age should people start saving for retirement?
[3:36] – What is the best estimate of how much income you’ll need in retirement?
[6:23] – Which of these do retirees fear the most?
[8:04] – Which of these represent a diverse retirement plan?
[9:48] – To make sure you don’t run out of money, only take _____ out