Michael, Terrence, Dr Wade discussed on The Ray Lucia Show


There's one other ah assumption are false assumption misconception that i didn't talk brought in the last segment as ever saving it for this one and that is the misconception about retirement spending and i've been i dunno i i must have raised a lot of eyebrows the other day when i disagreed with those and whom i have great respect by the way some of the socalled propeller heads them have referenced in the past or brilliant you know dr wade foul and michael kits his son and uh david blanchett for morning star and others whom i've quoted the frequently if not almost on a daily basis on this program so i have tremendous respect for their work and uh i think they've made me significantly better at my job by the research that they've done but they are champions in a finance lab i've always considered myself a champion of practical reality having seen you know literally thousands of people over my lengthy career in retirement planning so terrence emails man i'm not doing this an email segment goes i i'm going to devote a whole segment to it to make my point but terence ask this i'm a financial adviser and in doing the math there seems to be a huge difference in retirement affordability if you are right about spending post retirement can you comment by the way love the show well thank you terence good luck to you terence probably a younger financial adviser just sounds younger to me i don't know for certain needed didn't give me either details uh but what i have been talking about here and what has been somewhat controversial amongst notsoyoung financial advisers and clearly a lot of the data that you get and the websites that promote uh how much you need to have saved for retirement and so forth and they paint this picture of needing so much money because you're gonna live for forty years and forty years later the inflation numbers are significant you don't example let's say you wanted five grand a month from your portfolio and your 55 years older sixty years old and you wanna make sure forty years later it kept pace with inflation and you plug up three percent inflation number in there and all of a sudden you need sixteen thousand three hundred and ten dollars a month to live on so you went from sixty grand two two hundred thousand dollars in needs and it's just not realistic.

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