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110. How Much Money Do you Need in Retirement
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Welcome back to another episode of the 360 Money Matters Podcast!
In this episode, we talked about retirement. We stress that, unlike an abrupt event, retirement is a transition, with most people progressively cutting back on their work hours before officially retiring. The sum of money required for retirement varies depending on your lifestyle and circumstances. We have some ‘rules of thumb’ that you can use to guess how much money you will need to help support this.
Additionally, the significance of building wealth during the working years is touched upon, and this refers to various forms of assets that might provide income, such as superannuation funds or properties. Overall, we emphasize the need of taking individual goals and circumstances into account when making retirement income plans.
Ready to plan your retirement? Take a proactive step towards securing your financial future. Start by assessing your goals and creating a personalized retirement plan today!
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This podcast contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This information is provided by Billy Amiridis & Andrew Nicolaou of 360 Financial Strategists Pty Ltd, authorized representatives and credit representatives of AMP Financial Planning – AFSL 232706
Episode Highlights
About retirement
Importance of retirement income
Factors influencing retirement income needs
Planning for retirement income
Benefits of starting retirement planning early
Defining comfortable income goals
Retirement planning considerations
Debt elimination strategies
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