Do You Know Your Retirement Income?

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By Douglas Goldstein and Douglas Goldstein | CFP® | Profile Investment Services. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

Do you know what your retirement income needs are? How much will it cost you to live during retirement? There is no one magic answer as your retirement income should be determined by your personal needs. David Trahair, CPA and financial writer, concurs that retirement is a personal case-by-case situation. He advises how to calculate your retirement goal based on your own personal situation, a one-size fits all approach to retirement planning is useless. David explains how listeners could look at their financial needs and plan accordingly.

How Monte Carlo simulations can help financial planning

Doug shares a listener letter from “Stewart.” Stewart asks Doug to explain Monte Carlo simulations and why they are useful in financial planning. In addition to Doug’s explanation, you can watch this video on the subject. Follow David Trahair by visiting his website or reading his books The Procrastinator's Guide to Retirement, and Cash Cows, Pigs and Jackpots: The Simplest Personal Finance Strategy Ever. If you’re not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug’s free ebook The Retirement Planning Book.

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