Andrew joins this week’s podcast, and we answer a popular question: How much do you need to retire? The quick answer is it depends, and we discuss the various factors it depends upon. We explain the 4% rule, the Trinity study that it originated from, and some of the flaws we see in that study and rule. Maggie shares how she prepped for and planned her early retirement financials, and Andrew shares how he’s preparing for his. We discuss various withdrawal strategies, Maggie’s personal withdrawal strategy, and how building some flexibility into your proposed spending can significantly reduce your risk of running out of money in retirement.
Show References:
- ETSY $3 life and money planning template
- Vanguard PDF: Fuel for the F.I.R.E.: Updating the 4% rule for early retirees
- The ultimate guide to safe withdrawal rates- part 1
- The ultimate guide to safe withdrawal rates- part 2
- Safe Withdrawal Rates: A Guide for Early Retirees
- Cfiresim tool
- Mad Fientist – The Problem with the 4% Rule (and Why You Could Retire Even Sooner)
- friends on FIRE podcast #138 – How a family of 5 can afford to retire at 41 and 43 (part 2 of 5)
- friends on FIRE podcast #139 – Medical insurance in early retirement (part 3 of 5)
- friends on FIRE podcast #027 – Why Tracking Net Worth Matters
- friends on FIRE podcast #015 – Expense Tracking Gone Wild
- friends on FIRE podcast #190 – The financial mechanics of early retirement
- friends on FIRE podcast #003 – Financial Independence Retire Early (FIRE) Intro
- friends on FIRE podcast #096 – Freedom is the ultimate financial goal, not retirement
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