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On this episode of the personal finance podcast, 10 Steps to Creating the Ultimate Retirement Plan. What's up everybody and welcome to the Personal Finance Podcast. I'm your host, Andrew, founder of MasterMoney Co and today on the Personal Finance Podcast, we're going to be going through 10 steps to create the ultimate retirement plan. If you guys have any questions, make sure you join the Master Money newsletter by going to MasterMoney co/newsletter. And don't forget to follow us on Apple Podcasts, Spotify, YouTube or whatever podcast player you love listening to this podcast on. And if you want to help out the show, consider leaving a five star rating and review on Apple Podcast, Spotify or your favorite podcast player. Now today we're going to be diving into the ten step plan to building out your retirement plan and understanding these steps that you need to take in order to think about retirement are very important. See, what most people do is they wait till five or ten years before retirement, then they start to think about their retirement plan. But instead what I want you to do is even if you're in your 20s or 30s, I want you to start thinking about this and planning for this right now. Most people wait too late, but as a wealth builder, I don't want you waiting too late. So my goal with this episode is to give you the exact steps that you need to take or the things that you need to consider so that you can develop your own retirement plan. And I want you to think through, well, am I the type of person, person who wants to retire really early, or am I someone who is trying to retire closer to a traditional retirement age? Now, income is going to be a big factor there, your career trajectory is going to be a big factor there, but also how diligent you are with your savings rate. So for those of you who don't know, your savings rate has some of the biggest impact on how long you have to work. If you are looking to retire in your 40s and you are in your 20s right now, then increasing your savings rate closer to the 40 to 50% range is going to be where you want to be. If you are willing to work a little bit longer, then getting closer to that 20% savings rate is the range that you want to be in. So mapping out and understanding how long or when you want to retire is going to be really important. Now I talk to a lot of you inside of Master Money Academy and I have a lot of conversations with you in Master Money Academy where people will say to me, Andrew, I have no idea when I want to retire. I have no idea how much I'm going to spend in retirement. I have no idea what I want to do in retirement. And that is okay, because this is the reason why we want to ensure that we are starting to do this now. Because this plan is going to change over time. As you, if you're younger, it's going to change over time. And as you get closer to your 40s, you get through your 40s and into your 50s, you're going to have a better picture of exactly what you're going to be doing in retirement. For my listeners in your 50s, you probably know exactly what you want to be doing in retirement. If you don't, I'm going to help you think through that in this episode and I'm going to help you land on exactly what you want to be doing. And so this is going to be the step by step guide on how to think through your retirement and some of the steps that you need to take. In addition, I'm also going to give you the framework or the way that I think about this and how frequently I am readjusting or looking at this plan. Because if you can write out this plan and figure out a retirement plan for yourself, you're going to be much better off than most folks out there who have no idea what they're doing. In fact, a huge percentage of retirees or folks who reach retirement age have no plan whatsoever. And I don't want to see anybody out there do this because that creates financial stress, it creates financial anxiety, and it creates worry around your money. So instead, what we want to make sure that we are doing is knowing the exact plan that we are going to be taking and adjusting that plan every single year. So that's enough yapping for me. I'm ready to get into this without further ado. Let's get into it. So you've heard me talk about BILT as the loyalty program that allows you to earn points on rent wherever you live. And they just leveled up even more. As of 2026, renters and homeowners can also earn up to 1.25x points on their mortg payments. This is thanks to Bilt's three new credit cards, the Palladium card, the Obsidian card and the Blue card. All three can turn your housing payments, rent or mortgage, into flexible rewards. So you can choose the card that fits your lifestyle without missing out on points and exclusive benefits and built points. 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Your post jumps at the top of the page for the most relevant candidates so you reach the right people faster and it makes a huge difference. According to Indeed data, Sponsored jobs posted directly on indeed get 45% more applications than non sponsored jobs. There are no monthly subscriptions, no long term contracts, and you only pay for results. In fact, while I've been reading this ad, 23 hires were made on Indeed Worldwide. There's no need to wait any longer. Speed up your hiring right now with Indeed and listeners of this show will get a $75 sponsored job credit. To boost your post visibility@ Indeed.com personal finance, just go to Indeed.com personal finance and support this show by letting them know you heard it here. Terms and conditions apply. Hiring Indeed is all you need. So step one is we are going to define the retirement target. So we want to know why, we want to know and we want to know where we are going to retire. Now for some of you out there, you're not going to know all of these details yet if you're younger. But as you start to progress through life, you will know these details. And if you start to write these out or map these out now, you will be so much better off than someone who has never done this before. And so I want you to start defining when work becomes optional and when you want to think about stopping doing everything else that you're currently doing right now. Now you may have a goal in place if you're someone who is in their 30s and you're thinking to yourself, well I would love to be able to retire at. Well if that's the case, I want you to write that down right now. Because whatever your goal is, whatever that dream Number is where you want to retire and you want work to become optional. Let's write it down. Because if we write this down, we can work backwards towards this. You got a lot of time left. For those who are in the 30s, even if you're in your 40s, you have a lot of time left to figure this thing out. And so this is going to be something where I want you to think through what your dream number is. Now, for a lot of people, the average people in the US the age is 58 to 67 is when most people retire. But you don't have to be the average person. You're a wealth builder. You're someone who is going to go above and beyond if you want to. Now, if you enjoy your job, if you enjoy the work that you are currently doing, there's nothing wrong with working till traditional retirement age. I don't know if I'm ever going to retire because I love doing this stuff. I love helping people with their finances. I love helping people think about money. And so because of this, I don't know if I would ever be able to retire because I love this stuff so much. I am so passionate about doing this. But for you, if you're working at a job that you don't like or you don't want to do forever, you want some time off, you want to spend more time with your family, you want to go see your grandkids, kids one day, you want to spend time with your kids one day, then absolutely write down the number that is best for you. Now, for my financial independence, folks, my people who are a part of the fire movement, your number may be in your 30s or 40s because you have an aggressive savings rate. And you want to think about this. So I want you to put down that number, but think about this range of exactly where you want to land. Now, Fidelity did a bunch of research on this, and Fidelity looked at folks who were thinking through their retirement plans. And the folks who were most satisfied with their retirement plan developed clarity. Clarity was the key word that they used where they were clear about their intentions, they were clear about their goals, they were clear on exactly what they wanted to do. And so we're trying to develop clarity here for you because there are way too many retirees out there who feel stressed around money. They have anxiety around money. And I don't want that for any person out there. We remove that from your financial equation because the last thing you want is to have those within your life because you're going to make bad financial decisions. And you're not going to do the best thing for you and your family. So instead, we want to make sure that we can make decisions in a calm manner. And to do this, we have to have this plan in place. Remember, retirement isn't stopping any income. It's just stopping doing work that you don't want to do. And so maybe you want to retire early so you can pursue some work or start that business that you always wanted to start. Maybe you want to retire early so that you can work for causes that you actually believe in. You still can define a purpose. You can still define what you want to do in life. It doesn't mean you have to stop doing things. It just means you don't have to work your traditional job anymore. Now, an easy exercise or an easy way to do this is to define your perfect year. When you think about retirement, I want you to map out an average retirement year. Now, let me tell you right now, this is going to change over time, but it is a great exercise for a lot of people to go through so that they can actually start to nail down exactly what they want to do. First, let's think about housing. Do you want your house paid off? Do you think you're going to have a mortgage? How are you going to think about that? Are you going to be renting for the rest of your life? Nothing wrong with renting for the rest of your life, but are you going to be doing that? And where are you going to live? Are you going to live where you currently are? Do you live in New York City right now? Do you plan to retire in New York City? Are you going to live down in Florida instead? You've got to think through these options. Number two is travel cadence. Travel is a big part of being retired. And for a lot of folks, they probably wish they started traveling earlier, and they probably wish they started traveling earlier in retirement. So are you going to have a travel cadence? Are you going to be traveling the world every single month? Are you going to be going on trips multiple times a year? Or are you planning on just going one trip a year or not traveling at all? I know people out there who don't like traveling, but what is your travel cadence going to be? We need to make sure we have income to support that. Vehicles. Do you plan on having two vehicles? Do you plan on having one vehicle? How do you plan on getting around town? That's another big one. And then support for family members, kids, grandkids. Do you plan on supporting your kids through college if they're at college age, when you retire, or do you plan on helping support your kids when they first start off in life? It depends on what your plans are and what you want to be doing. But you need to make sure that you have that plan in place. Now, spending often drops slightly in retirement, and so we want to think through retirement spending, and that's going to be something that is very difficult to do if you have a long period of time before you start retirement. But we're going to talk about how to do that and how we're going to go through that today. So I want you to separate need, wants and legacy. These three buckets are the three buckets that I want you to think about when it comes to setting up your spending plan and how much money you need every single year. Needs are the things that you're going to need. So your housing, your food, your transportation, your health care, all of those pieces are needs. Then I want you to think through your wants. Maybe you want to travel. Maybe you want to play pickleball every day. Maybe you want to get that Pilates membership. Maybe you want to make sure that you're spending more on your business. Maybe you like to go on wine tours. It doesn't matter what you want to do, but make sure you have those wants and those categories in those wants. Maybe you never want to make a dinner again. You absolutely hate cooking, and you've been tired of cooking for your entire life, and you want to go out to eat every single day. That's what you want to do because you're a foodie and you love to go out to eat. I love those for things for you. I love the idea of being able to do that. And so because you have all this extra free time, you also want to make sure that you budget for things that you want. Now, the third bucket is legacy. Do you want to leave a legacy to your family? And do you want to leave a legacy to your children or your grandchildren or your grandchildren's children? How do you want to think about legacy? And legacy is something that I have thought about a lot over the course of the last couple of years, because do you want your kids to also steward some of your wealth towards causes you believe in well beyond when you are alive? That is legacy. That is making sure that you bring up children in your life who can also carry on the torch, carry on the torch of what you wanted to happen with your money. And so those are the three buckets to think about. Now, if legacy doesn't matter to you, if that's not something that you really intend to work towards, then you don't have to utilize that bucket. Or if you want to give a small portion to your kids when you pass away or want to be able to pay for their first house, or you want to be able to help them through college, or you want to be able to do all these different things, then legacy bucket can't be something you work towards. It's not a requirement, but it is something that is there because I think about it a lot. So it is very helpful for me to have that legacy bucket there. Next, I want you to decide where you want to live. Now, you may not know exactly where you want to live right now, but maybe you've decided. Actually, I don't want to live in this high cost of living area. I want to make sure that I reduce my cost of living. I want to get out of the cold and I want to go down to a sunnier place. This is going to be some of the things that you can think through and understand that there are certain places where you can pay less in taxes and you can reduce the amount that you have to spend every single year because the cost of living is lower. So if you're in a high cost of living area and you want to go to a lower cost of living area, you can retire way faster if you do something like that. But family circumstances may not allow you to do that. Maybe you want to be closer to your kids and where they live, and they live exactly where they were born. And so they were close. You want to be close to them and your grandkids in the hometown. And so you don't know exactly what's going to happen there. So these are just all things that I want you to think through. Because there's differences in state income tax, there's differences in property tax, there's differences in insurance cost and health care costs. All of those are very, very important. And your geography matters. Your geography matters to the ultimate plan, and where you are matters to the ultimate plan. Now, let me say this right now. I would never, ever move to a specific location for money. I would move to a specific location if I hated my job and the cost of living was much lower and it would make give me a better lifestyle. Do you see the difference there? Moving to a specific location because you want to save money on taxes, but you can actually afford to pay those taxes, that's one thing. But you're moving away from your family, you're moving away from your friends. That's a ridiculous thing. To do, in my opinion, but moving to a different location because you can retire sooner and, or because you like that lifestyle there, that is a great reason to move somewhere. So I'm going to give you an example of this because I think sometimes examples are going to help in these scenarios. And so we're going to give you an example of Mark and Sarah. So Mark and Sarah are ages 42 and 40 currently. Right now they have two kids and they plan to help both of them with college. And so that's part of their legacy, part of their goal of what they want to do now. They want to work until the age of 60. When it comes to Mark and Sarah, they are trying to map all this stuff out. Where they want to live, where they want to be, how they want to think about retirement. And so they are planning on living in a smaller home. So downgrading their home in the future. They want to travel twice per year. So one big trip per year and one small trip per year. They want to replace their cars every eight to ten years. This is the conversation that you need to have. They want to help their kids with weddings and their first homes, and they want to volunteer and do light consulting. And so to live this lifestyle, they've mapped it out in the three buckets. So in their needs bucket, they figured, okay, we need $60,000 per year to cover this. Now I'm going to about inflation. I'm going to talk about the rising cost of living in a second. They figure they want $35,000 per year. And they figure their legacy, they want to put $15,000 per year into their legacy fund so that they could give to their kids and give to the charities that they believe in. So these are the two places they want to put this towards. And so the total amount that they need between all of that stuff is $110,000. Now, they originally planned to stay in a high tax state, but after running the numbers, guess what happened? They realized that if they retire in a lower tax state, they could cut their spending by 8%. They liked the lifestyle. And then so they thought through, okay, I would rather go to a lower tax state because the lifestyle is so much better. And so by just making this one decision, they reduced their number from $115,000 per year to $101,000 per year just by making that lifestyle decision. So that means that they would need $14,000 less per year. Now that in retirement, that's a big difference. That is a big difference in need because it's over $1,000 every single month. But at the same time, again, do not make that choice just for money. Money. We can always earn more money. We can always find more ways to get money. Instead, we want to make sure that we are making those decisions for a lifestyle. So that would be an example of someone planning this out. Now, can this stuff change? Absolutely. Will it change? Most likely. In fact, you thinking through this stuff at an early stage, like Mark and Sarah here, where they are 40 and 42, you think this stuff at that life stage, that's going to be something where I highly, highly encourage you to understand that this could change over time. Maybe your parents get sick and you have to stay with them. Maybe your kids get married and you want to stay close to them. All of this stuff is going to derail some of these plans. Plans never go exactly as planned, do they? So we got to make sure that we are adjusting based on how we want to think about this. Let's get on to step two. So that was step one is just mapping it out, dreaming this out, making sure we think through our dream lifestyle, thinking through our dream retirement, and thinking through our dream day. Okay, now here's what I want you to think through next. I want you to think through and calculate how much you need. So this is step two is calculating how much you need. I want you to build a retirement budget in today's dollars. And so the first thing we're going to do is we're going to figure out how much we spend every single month. Right now I want you to go and I want you to look at your essentials. I want you to look at your discretionary spending, and I want you to look at your taxes, your health care, beyond Medicare, all those different things. And I want you to figure out how much you're spending right now. Now, are you happy with the current lifestyle that you have? Maybe you want to increase your income, maybe you want to decrease your income, but how much are you spending right now? And then let's think about, well, how much do I think I want to spend in retirement? If I was living this lifestyle right now in today's dollars, how much would I spend in retirement? Perfect. Now let's say you want to spend, for easy round numbers, $80,000 per year. Now, some of you are going to say I want to spend three times that. And some of you are going to say I only have to spend half of that. Are you crazy? So it doesn't matter what the number is. I'm just using a easy round number to think about this, okay, if it is $80,000 per year, well, are you going to spend that total amount? Like, is that what you're spending right now? Are you going to spend that total amount? Well, studies show, and this data has been seen over and over and over again, that people typically overestimate how much they're going to spend in retirement. In fact, Most folks spend 75 to 80% of what they currently spend while they're in their working years. And so if you are someone who is going towards retirement age, this is the data and the statistics that come from a bunch of different areas, including the Bureau of Labor Statistics, that shows that the average person spends about 80% of what they spent during their working years. This is because of a number of different factors, but for me specifically, I always think back to this, and I'm like, I feel like I would spend more than that. I feel like I would spend more than what I currently spend because I'm so busy right now not spending money. I'm working on my career, I'm working on building businesses that I feel like I would spend more later on down the line. But the data says differently. And so when we think about this, what I like to do is I like to take my number in that given year, and I'm going to adjust it every single year. And so when you do this, let's say you spend that $80,000 per year. I like to adjust it every single year based on what happened the previous year. And so when I plan this out, I think you need to track your retirement number on a yearly basis. Nobody else talks about this, but I think you need to, because most people in their 20s or their 30s or their 40s do not track their retirement number. And by the time they get to their 50s, they're like, oh, shoot, now I need to figure out exactly where I need to land. But if you're doing this year over year over year, that's going to ensure that you stay on track with your retirement and that you get the most accurate number, because it's what's happening in that given year. I can tell you right now, if I started tracking my retirement number in my 20s, it would be like 30 or $40,000. But now it is significantly higher because I've had kids, I'm married, so there's so much more going on. And so this is where I think you need to track it on a yearly basis and make adjustments based on that. In your early years, you're just trying to invest as much as you possibly can. You're trying to get to that 20% number and trying to increase that over time. But as you get to your 30s and your 40s, you want to increase that number over that time frame to see if you can retire early. And if you can, continuously just increasing that number and then getting closer to your retirement number is the goal. Now, once we have our number in place, we want to translate that into a safe withdrawal range. And so when we think about the safe withdrawal rate, we're going to do an entire episode on this, this entire topic right here alone coming up. But when we talk about the safe withdrawal range, there are three different ranges that I would recommend you look deeper into and do some research on if you want to retire early. My early retirees, a lot of folks that I know that retire early, do anywhere from 3 to 4%, meaning their safe withdrawal rate of their portfolio is 3 to 4%. For the folks at the traditional retirement age, it's anywhere from 4 to 4.5%. So 4% is the standard assumption. That is the round number. That is the quick math that you can always do. So if you want to live on $80,000 per year, you need $2 million invested, meaning you could draw down $80,000 per year with $2 million and preserve that wealth throughout your retirement. And then 4.5% is the higher number that it kind of requires a little bit of flexibility. And Bill Bangin, the creator of the 4% rule, actually has stated in a recent book that you can get closer to 4.8, 4.9% because of recent market years. And so he looks back at history to see how you can make sure that you have a safe and protected portfolio. But that being said, it depends on when you retire and how long that time horizon is. So for every single person, it is going to be different. And so we use the 4% rule as a round middle ground just to figure out exactly where to start. So when you have this number and you say to yourself, okay, I want to spend $80,000 per year, then your target is around $2 million. And then you can adjust that number every year for inflation. So you can actually use the real inflation rate and increase your contributions based on the actual inflation rate. So let's look at what last year's inflation was for 2025. In 2025, I'm looking it up right now, the overall CPI in 2025 was 2.7%. Now, I know some categories were higher, some categories were lower, but overall, what we are looking at right here is 2.7%. So if you invested $10,000 per year, increasing the contributions by 2.7% means that you would increase your contributions by 270 in next year. Now, doing this ensures that you have the same exact buying power as you did the previous year. And so I like to track the retirement number every year so that I can make inflation adjustments, that I can increase how much I'm contributing. But also, I look at this inflation adjustment, and no matter what the minimum amount that you should increase towards your retirement contributions is at the inflation rate. Now, if you're someone who maxes out your Roth IRA or your 401k, this happens naturally because they increase those contribution limits for you. And so when they increase those contribution limits, you're taking care of business already, you're getting this done because those contribution limits have gone up based on the inflation rate. But if you aren't doing that, if you're contributing to a taxable brokerage account or you're doing a lot of crypto or whatever else you like to do, then increasing the amount that you are putting towards this stuff is very important by the inflation rate. So I always make sure I do that every single year, no matter what. And so early on, I would recommend that you do that. All right, so we got our retirement number in place. We're going to track that every year. And I will. I'll talk more about the cadence of when to track that and how often to think about this. But let's go to step three, because in step three, we are going to map out our income sources. This is the fun part. This is where we figure out, okay, do we have extra income coming in that we can actually reduce our goal of our retirement number here so we don't have to save so much money. We can have a balanced life of living for today, but also saving for tomorrow. That's the beautiful place to be when it comes to building wealth and building up your finances is if you can do both of these things, boy, oh, boy, does it get fun to build wealth. And so when we do this, I want to make sure that we are going through this step by step. So first we're going to estimate our Social Security. Now, is Social Security going to be around by the time you retire? I don't know. But guess what? It's around right now. And we want to focus on the things that we can control. And so to do this, we want to make sure that we are looking at Social Security as a real and tangible thing. A lot of things will change with Social Security. Over the course of the next decade, for example. And so in 2035, I think we're going to know a lot more about Social Security and what is going to be happening. But I also think from a political standpoint, someone who gets rid of Social Security is going to be absolutely burned at the stake, politically speaking, if they actually did that. So I. It's opinion. It's opinion. I don't have a crystal ball. I don't know exactly what's gonna be happening. But would Social Security go away? I don't think it would ever go away completely, at least not in the short term, unless they came up with some other option. But it is something to just consider. Now, putting that aside, you can go to ssa.gov and you can do an estimate of what you think your Social Security is going to be. Now, what I would do is think through a couple of different scenarios as you get closer to Social Security age, if you're in your 50s or in your late 40s, as you start to get closer to that age, I would start to think through, well, when do I want to take this money? Every year you delay taking Social Security, you get a guaranteed 8% rate of return, meaning it increases 8% every single year. Year. So if you don't need that money early on in your retirement, if you have built wealth and you are really diligent about building wealth, you can delay Social Security and you can take it later on. But if you are someone who really is on a fine line and you need that Social Security to help get you over the hump so you can actually retire earlier in your 60s, then maybe taking it earlier is the way to go. It all is based on your specific scenario. So there is no cut and dry, black and white answer when it comes to Social Security. You need to look at your specific scenario again. Also, if your spouse earned a lot more than you did, then your Social Security considerations are going to be very different than someone who is married and them and their spouse made the same amount of money. So there's a bunch of different things to think through. And taking Social Security is longevity insurance, not just a check. Now, a lot of folks out there who do not have a retirement, they rely on Social Security completely. They rely on that as their sole source of income when it comes to retirement. And so we want to make sure that that's not our sole source of income. People who live in poverty and retirement only rely on Social Security. I don't want that for any of you out there. So we want to make sure. That we are planning all of this stuff out that we're talking about right now. So you don't live just on Social Security. It does not cover all of your cost of living. And so there's going to be a lot more that you would have to do. And I don't want you living on rice and beans and replacements. Retirement. We want you to thrive in retirement. We want you to drive the car that you want to drive. I want you to live in the house you want to live. I want you to travel to the places you want to travel. And so that's what we are trying to teach you here. You get the outcome that you want instead of the outcome that you have seen past folks live. Maybe you have grandparents or parents who are living in retirement right now. And you don't like the way they're living. You don't like seeing the way they have to live. And that is because they did not plan like you were currently planning right now. It is not their fault. Nobody taught them this. This. Nobody teaches anybody this stuff. And so my goal is to teach as many of you this stuff as possible so that we can make a million millionaires out there. You have a million dollars in the bank, you could draw down $40,000 per year. You have 2 million in the bank. You could draw down $80,000 per year. You have 3 million in the bank. You could Draw down $120,000 per year. Why not do it? Why not save for your future so that you can thrive in your future, but also live? Amazing. Now that's what we're teaching you here. Next, after Social Security, I want you to think through, do I get any pension income? Is there going to be any income coming in from annuities? If you bought an annuity for some reason in the past, annuities have really high fees. Not a huge fan, but that's a whole different story. Do you have rental properties and cash flow coming in from those rental properties? Well, that's going to be additional income that can help you retire sooner. Do you want to work part time or have some passive income? Every single day I drive into my office, which is right here. You're looking at it if you're watching this. And every single day when I drive in, I usually leave at about 7 in the morning. And as I'm driving in, I see crossing guards helping kids cross the street. And they all are doing that as a retirement job. It's a little bit of extra income to help them through retirement. Some of them are look like they're well into their 90s and it is a very cool thing because they're all happy, they're all smiling, they're interacting with each other and they're having a good time. That's an example of a retirement job. I've walked into different gyms or studios where I have seen people doing retirement jobs of things like a yoga instructor, a pickleball instructor, or doing things they're passionate about. I've seen fishing charter captains where that is their retirement job. And so there's a lot of really cool stuff that you could do in retirement to earn extra income. If there's something you're passionate about and you want to stay active and you want to stay doing things, there are some really, really cool stuff I think that you could do also. One thing I would say is this guaranteed income dramatically lowers the failure rate in retirement. Meaning when you look at statistics, if you have guaranteed income, some form of guaranteed income, whether it's that rental property, whether it's some additional income that is out there, that guaranteed income dramatically reduces your risk of failing in retirement. And so finding ways to earn some income or finding ways to get some cash flow in retirement can be really, really beneficial. And thinking through options through that. And so now we need to define what the portfolio's job is. So the formula here is annual spending minus guaranteed income, meaning any income that's going to come in from annuities or rental properties or anything else equals how much you need for your portfolio. And that's what's going to be left the portfolio draw, that's what's going to be left there. And so let's say for an example that you want to retire early and you're like, man, I only think I can get to having a million dollars in my portfolio. And that is just where I am right now. I don't make a lot of money. And so the gap, the difference between my income and expenses is enough to get me to a million dollars. Well, if that is the case, then you can always, always, always in retirement take a part time job, at least short term. Because as you progress through retirement, studies show that later on in retirement, in your 70s, 80s, 90s, that's where you spend even less than you did in your 60s. And so most people front load their spending in retirement. And so if you want to do it later on down the line, then you can think through this and say, okay, well, early in my retirement, maybe I'll earn some extra income, I'll take a part time job that I enjoy more But I'm not going to have to earn as much as I currently do right now where I can have a million dollars and I can make up the difference. If I want to spend $60,000 per year, year and I can draw down $40,000 per year, I just need to make up the additional $20,000. And so you can work a part time job and do something like that. So there are a lot of different options and I think people don't think through how flexible finance really is, how flexible your current finances are. You could go work part time somewhere right now, get some health insurance benefits and get some other stuff and be able to do that. So like for example, we've talked about Breeze Fire a number of different times. And the reason why that's called Barista Fire is people used to retire on less than they needed, be able to draw down their portfolio and work a part time job at Starbucks. And Starbucks would pay benefits even for part time employees. They still do this today, last I checked, which was two months ago. And so if you work part time at Starbucks, they have employee benefits. They will pay your health insurance. And so people would go and do that and it would make up the difference. Instead of working that corporate job that they absolutely hated, they would rather go and do something like Barista Fire. So before we get to step four, you're going to notice that we're missing something big and a big ticket item that we need to talk about when it comes to retirement. And that's healthcare. And so in step four, we need to plan for healthcare. This is the wild card, this is the wild card risk that we need to think through and how we want to take action on this. Because health care costs are rising as a rapid rate. If you have been anywhere near insurance over the course of the last five years, insurances are increasing so fast that it is so incredibly frustrating where it is one of those things that you have to shop in order to stay ahead. If you don't shop your insurance, you are most likely paying almost double what you paid for the last four years. And so this is something where we need to make sure that we are always shopping in our insurance. By the way, I have a car insurance tool that has been awesome. A lot of people have been using it over the course of the last couple of months. If you're interested in that, let me know, I'll send it to you. It's like a car insurance comparison tool. We can send it over to you. But when it comes to healthcare pre 65, before Medicare starts is often the most expensive phase. So if you retire at 55, between 55 to 65, that could be a very expensive decade where ACA premiums can range anywhere from $6,000 per year to $18,000 per year on average, depending on income and region that you live in. Now, post 65, you have a couple of different options. You have Medicare plus Medigap or Medicare Advantage. And then you have out of pocket costs. Now, the out of pocket costs are what we're going to need to plan for for sure, in addition to that decade or that time frame when you retire prior to Medicare kicking in at 65. Now, fidelity came out with a study and they estimated that a 65 year old couple may need about $315,000 just to cover health care expenses throughout retirement. That number would be a number that I would be comfortable with if I had that in my portfolio and saved in my portfolio where, if I thought through, okay, if I can make sure that I have an additional $315,000. Now, that may sound crazy to you right now, but just remember, as we get closer and closer to the end of our retirement age and we have a million dollars in the bank, and you have been doing this over the course of the last couple of decades. Decades. That million dollars, if you got a 10 rate of return, is going to be growing at a very fast and rapid rate. And so we want to make sure that we are thinking through this logically. If we worked an additional year to make sure that we had enough cash in the bank in order to cover healthcare expenses, that would give us peace of mind in that specific area. And so if this is something that you are thinking through or you want to make sure that you are building towards, there's a couple of different options. One is to use HSA strategically. So your hsa, which we talk about a lot here, can be a retirement account. So it can have a couple of different benefits for you. First, if you retire early, it can help you bridge from those first couple of years. So if you retire at 55, it can help you bridge from 55 to 59 and a half when you can access your Roth IRA and your 401K2, though it also can be a savings investment vehicle for your actual health care. And so for future health care, you can use your HSA as the place that you are compartmentalizing a lot of these different costs so you have those triple tax benefits where you don't have to think about it as much anymore. So your HSA is so powerful even for this is, I would at least try to target in my hsa. If you're young, try to target in your HSA getting to this number, getting to the range where the national averages are in your specific area so that you can at least have enough cash on hand to cover healthcare expenses. The last thing you want to do is have to make a difficult financial decision because of health care. And so your HSA is going to help you be able to do that. All right? So again, remember, healthcare is increasing at a rate of 7% every single year over the course of the last couple of years. And so we want to make sure that we are on top of this because it is a big, big cost and a big, big decision. Now, step five, this is the fun part, because now we're going to start to work backwards. In step five, I want you to design the accumulation plan, meaning that how are you actually going to get there? How are you actually going to save enough to hit your specific goal? So I want you to set your annual savings targets and I want you to think through, okay, well, if I invest X amount of dollars over the course of the next 20 years, I'll be able to hit my savings goal. Now you can use an investment calculator. Calculator.net has a great investment calculator. That's the one I use a lot on this show. It's completely free. You just log in, go calculator.net investment calculator. You Google it, it'll pop up. I would say that is much more accurate than like throwing something into AI or ChatGPT. For some reason, ChatGPT gets compound interest calculations wrong a lot, I've noticed. So making sure that you use something that has been around for a long time I think is very helpful. And then work backwards. So look at your portfolio goal. I want you to look at the years remaining before you're going to retire. And I want you to give yourself conservative return assumptions. So you hear me talk a lot on this podcast about 10% rate of returns, because that's the return you're going to get or the actual number that you're going to get yet. But when you work backwards, you adjust for inflation. We want to get closer to that 7% number. We want to be more conservative when you are planning for retirement. I would much rather you be conservative and have more money in retirement than to get to the point in time when you're planning where you put a 10 rate of return and the market came back and it got you six. I don't Want that to happen to you. So being conservative and getting closer, I do all my planning at 7%. You can do whatever feels right to you, but doing it at 10, I think is something where it is a little bit overly optimistic. We want to make sure that we are pessimistic when it comes to planning for retirement. Okay, next is as you start to work backwards now, you realize what that number is. I want you to start to maximize these Tax Advantage accounts. I want you to attack these at tax advantage accounts so your employer match your 401k, your Roth IRA, HSA, all of these are going to help you in retirement dramatically. And so attacking those accounts will be really important. If you want to retire early, your taxable brokerage account is going to be your friend. It's going to be your bread and butter. It's going to be a great place to put your dollars because you can take money out of that account whenever you need to. Now, we just did an episode a few months back talking through the five different ways to access your retirement accounts early and ways that you can do this if you want to retire in your 50s. And so that is a great episode to go back and listen to. There are ways to access this money early, but we did an entire hour long episode going through all those different ways. Now, once you start to select the accounts that you're going to be contributing to and you're taking this money, you know how much money you need to be sending to these accounts every single month. I want you to automate those contributions and I want you to pick a core portfolio. Now you could think through, do I want to do a Warren Buffett portfolio? Do I want to be aggressive and do the simple path to wealth portfolio? Speaking of the simple path to wealth, JL Collins will be on the show next month, really excited for that. Do we want to do a 7030 portfolio? Do I want to do a three fund portfolio? Doing your research in those areas is very, very important. And we want to make sure that we are looking through this. But we want to automate everything, Automate every single paycheck. Just like your 401k gets automated into your 401k, I want you to think about doing that for every single place you invest. Okay? So that is step five is to work backwards and start to execute your plan. We're going to get into step six right after this break. After the holiday chaos calmed down, I had a moment one morning, coffee in hand, kids still asleep, where I paused and thought, this is it. This is the life that we've been building. And then I felt something else too. The weight of protecting it. And that's where policygenius comes in. 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Current distribution rate as of 12312025 carefully consider the investment material before investing, including objective risks, charges and expenses. This and other information can be found at the Income funds prospectus@fundrise.com income this is a paid advertisement all right, step six is now what we're going to do is protect our wealth while we're building it. And so when it comes to building wealth, I want you to think through, well, how much cash do I want on hand? Because you're we're missing a component here when we think about our portfolio is cash. Cash is going to give you safety, cash is going to help you through rough times. And cash is something that I think you need to build towards when it comes to retirement. Now I like to have multiple years of cash for retirees. Now that is not attainable for everyone. But when it comes to retirees, I like for you to have additional years of cash on hand. So first, let's talk about the emergency fund. Now here at the Personal Finance Podcast we believe that you need a minimum emergency fund of six months at it takes a while to get there. You build it up for one month, then you get to three months, then you get to six months. If you haven't heard our episode Talking about the 1, 3, 6, method, highly recommend that you go and check that episode out. But if you want to make sure you're protecting your finances, having cash on hand is very important now in retirement. My goal personally is to have a few years of cash on hand. And so I'm going to keep it in a number of different places, some of which will be a high yield savings account. Depending on CDs, may have some in CDs, may have some in bonds or T bills or whatever else, but it's going to depend on some of the rates at that given time. There's a bunch of places that you you can put this cash on hand so it doesn't get eaten away by inflation. And these are just some of the areas that you can do that. Two is life insurance. Thinking about the life insurance that you currently have while you're building wealth. Having term life insurance is by far one of the best things you can do. So Policy Genius is where I got my term life insurance. They have been a sponsor of this podcast for years now because I that's where I got my life insurance. I just updated it again this year. And so with Policy Genius, you can get term life insurance. What is term life insurance? Well, it's very simple actually. Term life insurance means that you buy a policy for a specific term. So let's say you're 30 years old right now and you want to buy a policy until you're age 60. By the time you turn age 60, you know you're going to have a multi million dollar portfolio. And so you're not worried about the difference after that because your family will be taken care of. So during your wealth accumulation years, you buy this term life insurance during a specific term, 30 to 60. Once that term is up, then you don't need that life insurance anymore. It goes away, you don't have those payments anymore and you can move on. Now here's the great part about term life insurance. It is the lowest cost way to get life insurance. You can get a million dollar policy for like 35 bucks depending on your age. For some people, if you've had health conditions or other things, it might be a little higher, or if you're a little older, it may be a little higher. But for those of you out there, term life insurance by far is the cheapest and every single person should have it. If somebody depends on you, if somebody doesn't depend on you yet, or you don't have someone who depends on your income, you don't need it yet. You only need it once someone depends on your income. Okay? And then disability insurance is also another thing you can look into to protect your income because your income is your greatest asset. Now, secondly is to make sure that you have a plan in place to protect your finances online. Because if a scammer gets a hold of your information and they steal some of your information, I have seen people's entire retirements get wiped out because they did not have a financial protection plan. And this is the one thing that a lot of people do not do is they do not have that financial protection plan in place. And so making sure we have multiple episodes going through how to make sure that you have that financial protection plan in place. If you don't have a financial protection plan in place, I highly recommend thinking through and putting that together. Making sure a, you're freezing your credit, making sure that you are doing these safe things with your passwords. You have a password manager and every single password is unique. But in addition, you're doing the right things like paying for things in the correct way so that you can't get scammed. In addition, you're also removing your personal information online from online data brokers. See, online data brokers can give out your personal information to anyone on the Internet. And so you need to make sure you get that removed. And the way to do this is to use a service called DeleteMe. Delete Me is going to help you get that personal information removed from those data brokers because there's no laws around how these data brokers actually have to manage your information. So if some scammer out there gets a piece of your information, they can Google your name, your address, everything else. They can find a data broker who has the rest of your information and they can go and open a bank account in your name, or open a credit card in your name, or open a student loan in your name. And that could be detrimental to your finances. And so Delete Me helps you remove your personal information. Because if you tried to do this on your own and you tried to go out there and get all of this done and all of this removed, it would take you hours and hours. You have to go to these shady websites and it is the biggest pain in the butt. So instead I use Delete Me and Delete Me does it all for you. And then throughout the year they go and check all these data broker sites again and make sure your information is continuously removed. And so if you go to joinedelete me.com pfp20 that is the best place to go where you get 20% off of delete Me. And their monthly plans are really low cost. So I would highly recommend getting Delete Me. It is the best dollars I spent. My entire family is now on Delete Me because it is by far the best service I have ever used and it saves me so much time. So go to joindeleteme.compfp20 and you can save 20% there. Also, if you want to manage your risk, you want to make sure that you are looking at your asset allocation. If your asset allocation is out of whack and you have a really bond heavy portfolio, you're never going to be able to accomplish your goals. If you are 30 years out from retirement or if you are really close to retirement age and you are 100 stocks and you are not happy about that. And if you the market dipped, it would ensure that you could not retire, then you want to take a look at that asset allocation. So it's very important that you make sure that you are doing the right things and working on the right steps when it comes to your asset allocation. Finding a home is a lot like dating. You're not just swiping through options, you are looking for the one. And that's why I recommend realtor.com like any good matchmaker, they know where to look. When we were house hunting, I wanted to find something with a big backyard, a place that was great for kids and had a home office that we could also use as a spare bedroom. And realtor.com made it easy to search for exactly what we needed and they helped us find a place that truly felt like home. It's my favorite app to shop for homes and it's also the Pro's most trusted app. With over 500,000 new listings every single month. There's always something fresh to discover, whether you're upgrading, downsizing, or just daydreaming about your next move. So find your dream home and start searching now. Download the realtor.com app today. The Pro's most trusted app based on the August 2025 proprietary survey. Over 500K new listings every month based on average new for sale and rental listings from July 2004 to June 2025. Now step seven is something I call plan the transition. And what that means is that when you are thinking about transitioning from your working years, your wealth accumulation years, to your wealth preservation years, which are going to be the years where you are preserving your portfolio, how are you going to plan that transition? Well, first let's talk about withdrawal order. What order are you going to withdraw from your accounts? What's common for a lot of folks is they go taxable, then tax deferred than Roth and they do it in that order. But for you, it could be very different based on your income or based on your financial scenario. And so you have to have an understanding of what order you're going to be withdrawing from these accounts and how you're going to be doing this. This would change for tax brackets, this would change for Medicare surcharges, this would change for legacy goals. All of these could be very, very different for you specifically. So one, you want to determine your withdrawal order when you get to retirement age. Two is planning for RMDs. So if you have a lot of money in pre tax accounts, then you want to make sure that you are planning for RMDs because that could increase your tax rate, it could increase where you stand with when it comes to taxes. And by your early 70s when you have to start taking RMDs, this could change a lot of different things, including your Medicare IRMAA charges. And so we want to make sure that our conversions are earlier and we can smooth out those conversions and think about how we want to do conversions. Also just thinking about that cash bucket again. So if you are building up that emergency fund during your wealth accumulation years and you have decided, okay, I actually want to have a couple years of cash on hand, then as you get closer to retirement age, let's build up that cash bucket so it makes sense and we can reduce sequence of returns risk, which means when you're withdrawing money in a down market, you want to make sure that you're reducing the risk of having to do that. And so cash isn't just for returns, it is also to help you sleep better at night. And so that's what the big thing here is that we are looking for. Now step eight is to integrate Social Security strategically. We're going to do an entire episode on how to think about Social Security strategically and how to think about when to take it. But you want to make sure that you are coordinating with your spouse first. If you're married, when and who takes Social Security first matters. And so you want to make sure that you were thinking about this because survivor benefits make delaying the higher earner especially powerful, meaning that if you delay the higher earner, then the survivor benefits are going to be much, much better overall. And the great thing about Social Security is it's actually going to reduce your portfolio stress more than people realize. If you get to a point in time where Social Security cover a lot of your needs, then your stress around your portfolio is not going to be big at all. You're not even have to worry as much as you would in other scenarios. And so that's where I like Social Security is. It's a hedge against specific risks that you don't have to worry about as long as you have this in place. And so as you get closer to retirement age, that's where you can decide when to take it. And you can decide when is the best time to make sure that we do this because that'll be a big, big difference overall. Now step nine is I want you to think through this now and I want you to think through some of the big risks in your legacy. Now I'm going to talk more about that here because there's a lot of things that we want to make sure that we are identifying one is long term care decisions. So about 70% of people over the age of 65 will need some sort of long term care. Now long term care is one of the most expensive things that will ever happen and you need to start having conversations about it now. Now there are way too many people out there who never have conversations with their children on what their will is for long term care. And so they end up in places they do not want to be because they never had the conversation or they never set themselves up financially. What do I mean by that? Well, a lot of folks end up in a nursing home that they never wanted to be in. And the reason why they end up in that nursing home they never wanted to be in was because they never set up or had conversations about what they wanted their long term care to be. It is very costly for you to not speak up and it is very costly for you to not have those conversations. Now if you're in your 30s or 40s, it's very hard to think about this right now. But if you're in your 50s or 60s, it is a very real thing that you need to have a family meeting and sit down and start having this conversation. Because long term care and your long term care of where you want to be is going to be something that is very important. I have seen from my parents and my in laws having a long term care journey that is difficult. It is a difficult time for everyone involved. And so to make this seamless and to make it less stressful for everyone, I highly encourage you to have that conversation. Now. There are things like long term care insurance. Now to be honest, long term care insurance is a very complicated product. It is a very expensive product. It is a product that is very difficult for most people to operate, understand? And so when you look at long term care insurance, you have to understand what you're getting into before you even start that. Secondly, would you rather self fund your long term care depending on how long you live? Let's say you go into a nursing home or you go into assisted living depending on how long you live. That is hundreds of thousands. And I've seen people stay at really nice ones and they have paid over a million dollars for assisted living. And so this is so important and most people just don't have the conversation. But also, do you have family support or do you have public support? Is your family willing to take you in? In some cultures, families are not willing to put their parents into a nursing home. And if your will is to Never go into a nursing home. Make it known to your kids, make it known that that's not what you want to do. But you need to have a plan in place. If that does happen. Your kids have to go to work each day or work in their career that someone is going to be there to help take care. Those are just some of the things that I want you to think through when it comes to long term care there. And start to have those conversations now. Please start to have those conversations now. Secondly is legal basics. Do you have a will in place? If you don't have a will in place, now's the time. Do you have powers of attorney in place based on a lot of different things like healthcare directives and those types of things? Do you have beneficiary reviews there? This is often forgotten, but you want to make sure that you are looking through your investment accounts and you have those beneficiaries in place. You want to make sure nothing goes into probate and then asset protection and titling. So I have a trust, my family has a trust. If you are getting to the point in time where your assets are over a million dollars, you should probably have a trust too. If you have businesses, you should definitely have a trust. Making sure that that is in place is very important. And then coordinate titling with state law and liability exposure. So making sure that you have this titling in place is important. Here's the thing is estate planning and doing all this stuff is a gift to the people you love so that you're not a liability. So the things that you give them is not a big deal. And so you got to make sure that you were planning through this stuff. I know it's boring, I know you don't want to do it, but you got to do it. It's part of those things. If you don't have a will, if you don't have a trust in place and you need to have one, then you are really, really doing yourself a disservice and your family a disservice. Now step 10 is I want you to create a review rhythm for all of this stuff. We need to think about retirement at least once a year. Year. We need to think about our plan once a year and adjust our plan in a given year. Even if you're 25, the time is now to get a lot of this stuff set up step by step because we can adjust that number in any given year and we can know exactly what we're going to be doing. So I want you to review your spending Every year. I want you to review your portfolio every year. I want you to review your asset allocation every year and I want you to think through your withdrawal rate every year. Bill Bangin has a new book that is very good on the withdrawal rate that I would highly recommend a lot of you read. And then adjust those things for inflation. I want you to adjust those things for market shifts or even life changes. Your spending is going to change a lot over the course of the next couple of years because inflation rates are higher, the cost of living is higher, but in addition, lifestyle is going to change. Same thing when it comes to your portfolio. Maybe you are 100% in stocks and as you get closer to retirement age, you're trying to move it towards that preservation portfolio. You add in some bonds and some other things, your withdrawal rate may change or what you think the withdrawal rate should be. If you were planning on retiring very early and you were at a 3% withdrawal rate and then all of a sudden realize, I'm going to work a little bit longer and now it's going to 4%, well, that's going to change a lot of your different plans. And so you want to make sure all of those are thought through. Then I want you to also think about and review life events, marriage or divorce. If you get married or you got a divorce, that's going to change all of these plans. If you have more kids, that's going to change a lot of your plans. If you have health changes, that's going to dramatically change a lot of your plans. You can have every problem in the world, but once you have a health problem, you only have one problem. And that's the big thing. I want you to note career or liquidity moves, maybe you move careers, you make a lot more money now and all of a sudden you can invest more or maybe you decided to take a step back and you make less money and so you have to adjust your plan based on that. These matter more than all the market noise. And this is the thing that most people don't realize is the market is going to give you day to day noise. And people, people look at what the market is doing day in and day out. What matters is this real life stuff here. These costs are what matter. These are what you need to react to. You do not need to react to the market day in and day out. Instead you need to react to what actually matters, which is your life, your specific financial situation. Everybody's financial situation is different. That's why they call it personal finance and not general finance. Personal finance is personal. And so there are personal decisions that you need to make make. And so if you want to put together a one page plan, if you're young, you can do that. And the way to do this is to put your target age that you want to retire, your spending goal, your portfolio target the current progress that you have made, what your plan is, writing out some of that plan, your allocation, and then some of your key insurance and estate decisions. You can literally do this in one page if you wanted to, to start off and really have something in place that you can adjust year in and year out. That retirement number is very important because you need to make sure that you're looking at it every single year. You're adjusting it for inflation, you're adjusting it for how much you spend every single year, and you are looking at this more frequently. So I highly encourage everybody out there to start to develop their retirement plan. If you need help, you can go to an advisor. Just watch out for those fees. But this can be something I think every single person can benefit from. Now, for everyone out there, I want to invite you to join Master Money Academy. Master Money Academy is where we are helping hundreds of people every single week week learn how to build their financial plan. We give you the step by step of exactly what you need to do with your next dollar based on exactly where you are. And we call it the Wealth Builder's Journey. But in the Wealth Builder's Journey, we tell you exactly what to do. In addition, I do weekly calls inside Master Money Academy to answer your questions. We also are doing monthly master classes on a specific topic. So every month is different. Talking through things like financial relationship planning, to taxes, to increasing your income, to investing, to real estate, setting goals, everything in between. We talk about, we're doing masterclasses on a monthly basis. The value you get is way beyond what we're charging for this. And so I would highly recommend that you join Master Money Academy if you are serious about getting your finances together. I'm gonna leave a link down below in the show notes for you to check it out. And in that link I'm gonna give you a discount in 2026 because I. I truly believe in Master Money Academy. I'm gonna give you a discount for your first month so you can try it out. So make sure you go down below, check out Master Money Academy and I can't wait to see you inside. Thank you so much for being here on the personal finance podcast. I truly appreciate each and every single one of you and we will see you on the next episode.