25: What's Your Number?

Take Back Retirement

A lot of folks believe that there is a magic number that they need to work towards in order to be able to retire.

There is a myth out there that there is some perfect number of dollars you need to accumulate so that you can retire. That it’s really all just one mathematical equation with one distinct, perfect answer.

…Except this belief is completely, utterly unfounded.

Listen in as Stephanie and Kevin dismantle the notion that hitting your “magic number” is the key to your retirement success.

They explain why coming up with a specific dollar amount for that next chapter in your life may not be as simple as you think, the psychological dangers of focusing solely on such a number, and how to really diversify your assets to maximize your freedom in your retirement years.

Key Topics:

• Is there really such a thing as a “magic number” to retirement? (2:05)
• Do you really know what the next chapter of your life is going to look like? (5:02)
• We’re guessing, and that’s OK! (7:06)
• Not all dollars are created equal. (08:18)
• Keys to diversification. (11:20)
• Why the notion of a “magic number” is psychologically dangerous. (13:07)
• “You don’t have to have all those dollars in your hand on day one of your retirement.” (15:00)
• Why hitting a “magic number” doesn’t guarantee smooth sailing in retirement. (16:41)
• “Your money is here for a reason. Don’t lose sight of the reason.” (18:16)
• Don’t just look at how many dollars you’re accumulating, but the types of dollars. (22:20)

Resources Mentioned:

• “Doom, Despair and Agony on Me” https://www.youtube.com/watch?v=-IIKE9p5SEw
• Take Back Retirement Episode 7: Here’s a Secret: We’re Guessing, and That’s OK

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You can find the transcript and more information about this episode at www.takebackretirement.com.

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