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Episode 85: Poor retirement planning will have a detrimental effect on your lifestyle. During income earning years, lavish lifestyles can be funded by credit card and various other forms of debt. But the bill from deficit spending will eventually come due. The pain will be most harshly felt in old age when earnings capacity is limited and health is in decline.
People that live well in retirement do so by one of two means:
- A good pension and saving at least 10% during their working years.
- Those without a good pension must save at least 20% and be successful investors.
Those that don’t comply with either of the above two methods will find their old age characterized by:
- Working to age 70 and beyond.
- Downsizing house and moving to lower cost area.
- Moving in with family/friends.
- Drastically reducing consumption.
- Relying on government assistance.
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Hosted by John Pugliano. The Wealthsteading Podcast teaches 10 wealth building principles to help investors build wealth and attain personal freedom.
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Copyright © 2015 Investable Wealth, LLC. All rights reserved. This podcast is for informational purposes only and is not intended to be a solicitation, offering advice or recommendation of any security. This podcast does not intend to provide investment, tax or legal advice. The content is strictly the observations and opinions of Investable Wealth, LLC. The information in this podcast is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. Investable Wealth, LLC is an investment advisory firm licensed in the State of Utah.