mathjak107
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Jul 27, 2005
- Messages
- 6,206
here is an interesting interview with michael kitces. michael is one of the most famous researchers today in the field of retirement planning and his words move an entire industry.
he talks about how the 4% rule is not a complete retirement strategy but only sets a safe floor to begin. it assumes you are retiring right on the eve of the worst of times to date.
of course folks hating to spend money for financial advice want a magic number to take with them for life so they do not need an advisor and there is the problem since there is no magic answer.
these studies and the numbers that come out of them are only for establishing a safe floor for starting out. things have to be reviewed and personalized criteria looked at and figured in as time goes on.
it was never intended to be a "here is your spending level , have a nice life"
Michael Kitces on Safe Withdrawal Rates - YouTube
he talks about how the 4% rule is not a complete retirement strategy but only sets a safe floor to begin. it assumes you are retiring right on the eve of the worst of times to date.
of course folks hating to spend money for financial advice want a magic number to take with them for life so they do not need an advisor and there is the problem since there is no magic answer.
these studies and the numbers that come out of them are only for establishing a safe floor for starting out. things have to be reviewed and personalized criteria looked at and figured in as time goes on.
it was never intended to be a "here is your spending level , have a nice life"
Michael Kitces on Safe Withdrawal Rates - YouTube