And chronic diseases strike out of the blue despite one's eating habits. As one ages, the body breaks down, despite how many Pickleball games one plays per week. If you live long enough and have experience with the US health care system, you know what I mean. But considerations such as HC costs prior to age 65 are no longer a modeling exercise they are real. Now, when retirement seems a lot more real and we are on the pre-retirement side of considerations such as SORR, all of this starts to get a lot more concerning. If my son or daughter asked me for a metric, I'd point to that classic MMM post and say "shoot for 25x." Were we in the ballpark? I still use them to provide comfort. Starting about ten years ago and about ten years out from a possible retirement, those tools provided a general order-of-magnitude metric for us. I think the answer to these questions depends in part upon where one is in their investment journey. Once you hit your desired "multiple" (be it 25x or 33x or whatever), you're "in the ballpark" of financial independence - you can then transition to the various calculators to start detailed planning if needed. It assumes a very simplistic model where one pulls the exact same inflation-adjusted amount out of a retirement savings pool annually, but in reality there is a lot of variability in annual withdrawals- especially if other income sources are available in the future, such as future social security or a pension. For longer retirements, 30x (or 3.33% of initial balance) is a better rule of thumb.īut as others have stated, this is at best just a high level approximation. Definitely works well.Īs far as safe withdrawal rate rules of thumb - 25x (or 4% of initial balance, adjusted annually by inflation) is supposed to work for 30 year retirements assuming the future is no worse than the past. It also pulls in data from my Fidelity accounts automatically, which is nice. I also have used Fidelity's Retirement Planner tool, and found it to be one of the better Monte Carlo simulators. I use this frequently and find it to be a fantastic tool, very easy to use. Plus, it is now actively maintained by one of the members in this forum. This uses the same historical dataset as FireCalc and has much of the same functionality, but the user interface is far, far better. I've used FireCalc and it works well for historical "backtest" modelling - but the user interface can be tough.Īnother tool that you should consider is. Let us help you and your family reach your financial goals.I would love to hear feedback from those that have used either (or both) "New Retirement" or "FIRECalc" for their modeling.Īlso, what's everyone's current rule of thumb in terms of the question of "when do you have enough to retire"? 25x? 30x? More? She greets all of our clients and is there to answer any questions that you have about finances and investing. My branch office administrator, Tina Griffin, has been a lifetime resident of the area. As a family, we enjoy attending Cardinal's, Royals and Chiefs games, watching movies and traveling. Our son, Xavier, attends Our Lady of Lourdes School and is active in soccer, baseball and golf. My wife, Cara, also works for Edward Jones in the home office in St. I enjoy doing presentations about finances and investing for employees and students – helping them understand our economy, the importance of financial resilience and saving and investing early in their career. I am active in Washington Rotary Club, Our Lady of Lourdes Parish and support Edward Jones' Strategic Alliance with the Alzheimer's Association.Īs a Mizzou Business School graduate and Kansas City native, I also understand the regional economy and have the opportunity to work with business owners. I am privileged to make a meaningful difference in the lives of more than 300 clients and their families and my community. That is why my background in insurance and protecting what matters most and legacy and estate planning is helpful to my clients. It is about health, family and purpose – a complete picture. My 20-plus years of experience in financial services has taught me that retirement is more than just finances. I take time to get to know my clients and understand their hopes, dreams and desires so I can tailor a personalized financial strategy to help them reach their goals. I am a financial advisor in the Washington, MO area specializing in helping pre-retirees and retirees live their best lives to and through the new retirement.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |