"Greetings Andi, Joe, and Roll Tide Big AL! I really enjoy your show and appreciate the information you bring to the listeners every week. A lot of the material I read very often has made me aware that I'm a bit behind compared to others in retirement savings. I would appreciate it if you could give me a spitball on if I'm on track for retirement. I'll try to keep it as brief as possible for Joe. Personal details: I'm 44, and my wife is 46. I drive a 2017 Honda CRV, and my personal beverage of choice is a mojito. My wife and I plan to retire at ages 62 & 64. Financial details: Our household income is $160,000. I've estimated our annual expenses in retirement to be $50,000 in today's dollars. (not adjusted for inflation) We have $300,000 saved in a combination of rollover IRA (200k), Roth IRA (50k), and Roth TSP (50k). I will have the benefit of carrying health insurance benefits into retirement, and after healthcare expenses and taxes my pension payout will equal roughly $25,000. The pension will have an annual cost of living adjustment (COLA). The pension also carries a 50% survivor's benefit for my wife. My benefit for Social Security should I take it at 70 is $3500 per month. My wife's PIA at full retirement age will be $1500 per month. Finally, our savings rate is currently 23%. I contribute 10% to the Roth TSP, get the match of 5%, and the rest we contribute to Roth IRAs for my wife and myself. I will plan on converting the traditional IRA dollars to Roth as soon as possible, but I really wanted to know if our plan is realistic. My math tells me that once we begin to draw my Social Security at age 70 we're likely to have our expenses covered fully with fixed income, but I believe it's better to over save than under save. Thanks for your time and any feedback you could provide. Mr. Anonymous, Atlanta, GA" Download the Guide to Growing Your Wealth: Listen to the entire Your Money, Your Wealth® podcast: Pure Financial Advisors, LLC is a fee-only Registered Investment Advisor providing comprehensive retirement planning services and tax-optimized investment management to thousands of people across the nation. Schedule a free assessment with any one of our experienced financial professionals: Office locations: Ask Joe & Big Al On Air: Subscribe to our YouTube channel: Subscribe to the Your Money, Your Wealth® podcast: IMPORTANT DISCLOSURES: • Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor. • Pure Financial Advisors LLC does not offer tax or legal advice. Consult with your tax advisor or attorney regarding specific situations. • Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. • Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. • All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. • Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors. CFP® - The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation. CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period....(read more)
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