See how to calculate retirement income, withdrawals, saving need, and more. You can get answers to essential retirement planning questions with a variety of tools and calculators.
Get the spreadsheet shown in the video (and use at your own risk, being sure to account for inflation and taxes, which is not fully demonstrated in the video): https://bit.ly/CalculateRetirementApp... (Direct Download of Excel Spreadsheet)
We’ll look at 5 ways you can calculate your retirement numbers, including:
Formulas
Spreadsheet yearly cashflows
Withdrawal rates
Monte Carlo
Dynamic spending, such as guardrails
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Each approach has pros and cons, and you can learn about your retirement by using a variety of tools.
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With these tools, you can figure out things like:
When can I retire?
How much money do I need to stop working?
How much do I need to save for retirement each month?
What if there’s a market crash (“sequence of returns” risk)?
How important are inflation and the rates of return I get on my investments?
And more
All of this information helps you make educated decisions. You can’t predict the future perfectly, and every tool has shortcomings. But making an effort to calculate some numbers is often better than going into a situation without information.
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CHAPTERS:
00:00 Calculate Retirement Withdrawals After Income Sources
01:14 Spreadsheet Formulas That Calculate Retirement Numbers
03:38 Calculate Retirement Taxes and Inflation
08:41 Spreadsheet Cash Flows
11:51 Withdrawal Rates
15:34 Monte Carlo Analysis
20:35 Dynamic Spending
Justin Pritchard, CFP® is a feeonly fiduciary advisor who can work with clients in Colorado and most other states.
IMPORTANT:
Any referenced returns are merely assumptions for educational or informational purposes and should not be construed as actual or hypothetical performance figures in connection with the firm’s investment advisory services. Use any calculators at your own risk, and triplecheck results from other sources. It's impossible to cover everything you need to know in a video like this. The only thing that's certain is that you need more information than this. Always consult with a CPA before making decisions or filing a tax return. This is general information and entertainment, and is not created with any knowledge of your circumstances. As a result, you need to speak with your own tax, legal, and financial professional who is familiar with your details. This video is not a substitute for individualized, personal advice. Please verify with your plan administrator when employer plans are involved. This information may have errors or omissions, may be outdated, or may not be applicable to your situation. Investments are not bank guaranteed and may lose money. Opinions expressed are as of the date of the recording and are subject to change. “Likes” should not be considered a positive reflection of the investment advisory services offered by Approach Financial, Inc. The Comments section contains opinions that are not the opinions of Approach Financial, Inc., and you should view all comments with skepticism. Approach Financial, Inc. is registered as an investment adviser in the state of Colorado and is licensed to do business in any state where registered or otherwise exempt from registration.