134 - How to Know If You're On Track to Retire

An episode of the Real Personal Finance podcast, hosted by Scott Frank and James Conole, titled "134 - How to Know If You're On Track to Retire" was published on January 12, 2022 and runs 24 minutes.

January 12, 2022 ·24m · Real Personal Finance

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Summary

Scott and James discuss how to know if you're on track to retire. Listener Question I am 26 years old and have a TSP account valued at 20k, and a variety of stock/bold portfolios that are earmarked for different priorities that total to about 40k. I get a company match of up to 5% which I utilize up to that. I currently contribute 300 in addition to maxing out my Roth IRA that is valued around 12k. Now, assuming I continue this pace what would you say is the likelihood that I’ll be able to ...

Episode Description

Scott and James discuss how to know if you're on track to retire.

Listener Question

I am 26 years old and have a TSP account valued at 20k, and a variety of stock/bold portfolios that are earmarked for different priorities that total to about 40k. I get a company match of up to 5% which I utilize up to that. I currently contribute 300 in addition to maxing out my Roth IRA that is valued around 12k. Now, assuming I continue this pace what would you say is the likelihood that I’ll be able to retire off of 60-70k a year? I have hesitations with blindly trusting a “4%” rule since when the study was done it was with the 5% safe rate of return from bonds back in the 90s. Thanks for your time!

Planning Points Discussed

Retirement Planning
Utilizing Time Efficiently
Capital Appreciation
Purchasing Power
Other issues (IRAs, Inflation, Financial Goals, etc.)

Timestamps:

3:57 - Listener Question

6:02 - Inflation

9:30 - Employer Matching

11:40 - Time Horizon

14:18 - Lifestyle Changes

17:50 - Retirement Rules

23:22 - Aligning Your Financial Goals

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