089 Financial Excellence: How Much do you Need to Retire?

Living In Financial Excellence

13 Dec 089 Financial Excellence: How Much do you Need to Retire?


Financial Podcast for budgeting, debt free living and investing

Episode 89: How much money does it take for you to retire? Dec 13, 2011.

Today I welcome special guest Pam Otten, financial adviser and host of the “Intelligent Investing with Pamela Otten” radio show. Together we discuss how to determine the right nest egg size for your retirement. Pam has been on the show before and has had me on her show numerous times and she is a good friend of mine. You may recognize her name (and voice) from Episode 087 and Episode 066 of this podcast. She’s also my adviser and someone I trust for investment advice.

Don’t forget: Living In Financial Excellence airs LIVE every Tuesday at 10 a.m. CST. You can watch live and join the chat at financialexcellence.net/live-show

Show notes:

Matt & Janelle Recording the Financial Excellence Podcast

  • Next week we’ll be talking about Christmas gifts and how to save money when shopping for Christmas. Do you have some tips for saving money on Christmas gifts? Share them by emailing us at mailbag [at] financialexcellence [dot] net with the subject line: Christmas!
  • Most people wait until they’re ready to retire and then wonder if they can retire. If you wait that long, it’s waaaaay too late, and you probably won’t be able to retire. You need to have a plan early and start working the plan early.
  • Many financial advisers suggest your expenses will decrease by 25% when you retire. That very well may not be the case, and it’s important you have realistic expense projections. In fact, your expenses may increase when you retire.
  • Pam also says you need to start with a written spending plan and eliminate debt if you want to retire comfortably. Hmmm, where have you heard that before?  Oh, yeah – Matt says that in almost every podcast episode!
  • The #1 problem in retirement planning is the lack of an end goal – your financial planner cannot help you reach your goal if you don’t know where you want to go. It’s time to start thinking about when you want your lifestyle to be when you reach retirement age.
  • Your return on investment will be related to the amount of risk you’re willing to tolerate. You should understand that low risk investments come at a pretty steep opportunity cost. Similarly, higher risk portfolios should be well diversified to minimize your risks.
  • You can influence what we talk about in future shows. Simply fill out this three-minute survey.

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7 Comments
  • Little House
    Posted at 08:46h, 14 December

    I’ll have to check out these episodes. My focus next year is to save! I have a small pension started, but it’s no guarantee. I don’t want to end up working at Walmart when I’m 80 (though there’s nothing wrong with that.) 😉

    • Matt Wegner
      Posted at 08:57h, 14 December

      I agree there’s nothing wrong with working at Wal-Mart when you’re 80 yrs old. I just prefer to be working there by choice, not because I have no other options 🙂

  • Meg
    Posted at 11:43h, 14 December

    This year, to help save on the expense of Christmas, we are doing the majority of Christmas homemade. We have 62 bottles of (homemade)wine, 13 large bottles of homemade strawberry margarita, 52 bottles of microbrew beer that my hubby made. There are dozens of jars of homemade jam, apple pie in a jar, and some picture frames I made for the nieces with their initials in them. Simple, but we hope everyone likes them. I wanted to give more of my TIME this year than give people gifts they dont really want. Everyone is getting a practical gift as well…under $25. For instance, the neices are getting a board game (because I hate that everything is electronic for kids under 5!), my father and his wife are getting wine bottle openers (because they can never find theirs when they need one,) a gift certificate for my mom and her husband as well as a homemade certificate for a free “installation” (from my hubby) to install their new faucet they get with the certificate, my sister is getting a homemade certficiate with a weekend away at our house, and things like that. We told everyone we want more time with them this year for Christmas.

    • Matt Wegner
      Posted at 23:04h, 14 December

      Great stuff Meg, but you’re really making me hungry with your talk about apple pie and homemade jam! I’m looking forward to sharing your tips in next week’s podcast.

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