What is the magic number I need to save for retirement? (#312)

Financial Advisors Say The Darndest Things

In this episode, A.B. Ridgeway dives into one of the most frequently asked questions he receives: How much do I need to save for retirement? Starting with a traditional financial approach and later offering a unique biblical perspective, A.B. shares key insights on the importance of early saving, understanding your retirement goals, and how to effectively plan for the future, both financially and spiritually.

Key Takeaways:

1. Start Early: Time is your greatest asset when saving for retirement. The earlier you start, the more you benefit from compound interest, allowing your savings to grow significantly over time.
2. Define Your Retirement Goals: Your savings should align with your retirement aspirations. Whether it's paying off a house, traveling, or supporting family members, clearly defining your goals will help determine how much you need to save.
3. The Power of Conservative Estimations: Using conservative interest rates in your calculations, like 5%, helps set realistic expectations and ensures that any growth beyond that is an added bonus.

Memorable Quotes:

1. "Time is your superpower. The longer you are saving for retirement, the better."
2. "When you're young, just save. It doesn't matter what you're saving for because we're thinking 10, 20, 30, 40 years down into the future."
3. "When you get older, it's more crucial to define what you are going to use your money for because that will determine how much money you're actually going to need."

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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

video/audio credits: CBS