Are You Really on Track for Retirement? The $7.9M Wake-Up Call | E17

Retirement—it's the finish line we're all running toward, but how do you know if you're actually on track? Michael and Brady break down the key questions you need to ask yourself, the common pitfalls to avoid, and the real numbers behind what it takes to retire comfortably. Whether you're in your 20s just starting to save, in your 40s navigating peak earning years, or approaching retirement and wondering if you have enough, this episode is packed with actionable insights to help you plan with confidence. Plus, they debunk the fear-inducing retirement calculators and offer a fresh, realistic approach to building your financial future. If you've ever felt overwhelmed by retirement planning, don't worry—you’re not alone. Tune in as Michael and Brady humanize the process, providing practical steps and guidance to ensure you’re building financial fortitude for your future.

Key Takeaways:

• How can individuals assess whether they are on track for retirement based on their age, savings, and lifestyle needs?

• Why is focusing on income and cash flow in retirement more important than simply accumulating assets?

• What key financial milestones should individuals aim for in each decade of their working years to ensure a secure retirement?

Key Timestamps:

 (00:00) - The importance of retirement planning and why it matters at any stage of life.

(03:00) - Regional differences in retirement expectations and how they impact planning.

(05:00) - Common questions people ask about their retirement readiness.

(06:00) - Key factors: Monthly spending and income as primary indicators.

(09:00) - Case study: A mid-30s professional with $500K in assets – is he on track?

(11:00) - The impact of inflation and why future expenses will be higher.

(13:00) - The importance of saving 20% of income and the challenges of peak earning years.

(15:00) - Benchmarks: How much should you have saved by different ages?

(18:00) - How guaranteed income sources (Social Security, pensions) affect retirement planning.

(20:00) - Different financial situations: A high-net-worth client vs. a frugal retiree.

(23:00) - The journey up the mountain (accumulation) vs. the journey down (distribution).

(27:00) - Risks in retirement and why flexibility is key.

Key Topics Discussed:

Financial Fortitude, Genesis Wealth Planning, Brady Hemmerle, Michael Acosta, financial wellness, wealth building, financial psychology, financial advisor, finance therapist, student loan debt, finance guidance for high earners, business owner finances, retirement planning, savings rate, investment strategy, retirement needs analysis, income replacement, wealth accumulation, financial security

Mentions:

Website: https://www.genesiswealthplanning.com/

Michael’s LinkedIn: https://www.linkedin.com/in/michaelracosta/

Brady’s LinkedIn: https://www.linkedin.com/in/brady-hemmerle-cfp%C2%AE-75043013a/

Financial Health Checkup: https://www.livingbalancesheet.com/lbsVision/lite/michaelracosta

This podcast is for informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice.  Guest speakers and their firms are not affiliated with or endorsed by PAS, Guardian, or Genesis Wealth Planning and opinions stated are their own.  Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. All investments and investment strategies contain risk and may lose value. 

 

Michael Acosta is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 6115 PARK SOUTH DRIVE, SUITE 200, CHARLOTTE NC, 28210, 704-5528507. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. Genesis Wealth Planning is not an affiliate or subsidiary of PAS or Guardian. CA Insurance License # 0M50974. 6991809.1 Expiration 3-27.