On this episode of The Retirement Huddle podcast, we’re sharing some wrong questions you might be asking about your finances.
Wrong: How much money do I need to have saved in order to retire?
Better: How much income will I need, and how much will my savings give me?
This is a very common question, but it’s the wrong one because it’s not about a number. Wall Street wants you to believe it’s about a number because they want to control and manage your assets for the rest of your life.
Ask yourself, what is the reason you are saving? It’s not for returns. It’s not growth. It’s being able to use that money for fun and freedom in retirement.
The mystery is we don’t know how long we’ll live, so you need to be prepared financially.
Wrong: Should I get long-term care insurance or just roll the dice?
Better: What are all of my options for covering long-term care expenses?
We have never been a big proponent of long-term care insurance. If you have it, we won’t tell you it was a bad decision, but it’s better to look at all of your options.
Wrong: How can I get the highest possible return on my money?
Better: Will Rogers once said, ‘It’s less about the return ON my money and more about the return OF my money.’… So how do I make sure my money gets returned to me?
You need to protect your money from market declines and make sure your money is returned to you.
Listen to the full episode or use the timestamps to jump to a specific section. Thanks for listening! We’ll be back for another show every other Thursday.
0:57 – How much to save?
2:30 – Long-term care insurance
4:07 – The highest return
5:41 – Fees
7:27 – Taxes