Financial rules of thumb are useful to many people who can’t or won’t make time for complete and in-depth financial planning, but do these concepts and ideas that we have repeatedly heard from a variety of sources and accepted as truth work in today's new reality?
In this episode Ryan and Adam cover five common phrases/rules of thumb often repeated on the topic of retirement planning, and explore reasons why/when that phrase may or may NOT be a great fit for your retirement planning situation:
- Your Current Age Should Be The % Of Your Portfolio In Bonds
- The 4% Rule
- Taking Big Risks For Big Rewards
- Tax-Deferred Retirement Accounts Are The Best Way To Grow Your Retirement Savings
- Your Expenses Diminish in Retirement So Your Don't Need As Much Income
Are you currently following one of these phrases as a guiding principle for your retirement planning process? Speak with your financial advisor to make sure you are using the right strategies for YOUR unique retirement goal!