The Four Toughest Financial Questions
Do you know what the four toughest financial questions are? More importantly than knowing them, can you answer them about your own finances? Knowing the answers to these four questions is very important when it comes to retirement planning. Every financial professional you trust with your finances should be able to answer these four questions, and if they cannot, you need to find someone who can answer these for you:
1. What rate of return do you have to earn on your savings and investment dollars to be able to retire at your current standard of living and have your money last through your life expectancy, adjusted for inflation?
2. How much do you need to save on a monthly or annual basis to be able to retire at your current standard of living and your money last till life expectancy, adjusted for inflation?
3. Doing what you are currently doing, how long will you have to work to be able to retire and live your current lifestyle until life expectancy, adjusted for inflation?
4. If you don’t do anything different than you are doing today, how much will you have to reduce your standard of living at retirement for your money to last to your life expectancy, adjusted for inflation?
I can give you these answers in less than 20 minutes. If you do not know these answers, when do you want to know?
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