If You were going to climb a Mountain, would You get a guide? What if the guide said to You that they were pretty sure they can get You to the top of the Mountain, but they weren’t sure how You were going to get back down? Would You use that guide or find a different one?
There are 2 rates that make up everyone’s Retirement Income. Both are equally Important.
1. Accumulation Rate
2. Distribution Rate
Retirement Income planning is challenging.
How much money do I need to accumulate?
Where do I put the money to safely accumulate the money without losing it?
How many years does it take to accumulate the necessary money?
How much money do I need to save per month?
Do I put the money in a tax deferred account like an IRA or a non-Tax deferred account like a Roth IRA?
Do I pay the tax now or pay it later?
What if I decide to pay the tax later, and taxes go up?
On the distribution side, how do I know I will not run out of money in retirement?
How do I know I will have enough to live on during retirement? Is Guaranteed Income possible?
Should I get someone to help me answer all of these questions? Do I need a guide, or wing it?
When should I start this whole Retirement Planning process? As soon as possible or later?