Saturday, September 26th. Don't Bring This to a Job Interview?

And I'm here with Lisa Gillum.

Lisa, I came across a new retirement survey and there was one number that immediately caught my attention.

Americans who haven't retired yet say they think they'll need about $5,100 a month to live comfortably in retirement.

That's a very specific number, I think, in rounding personally.

But my first thought was, OK, but where is that $5,100 going to come from every month?

That's exactly the question, because while you're working, you don't have to think very much about how income gets created.

You work, and every couple of weeks, a paycheck shows up.

It's wonderful.

Retirement completely changes that, and suddenly, you're responsible for creating your own paycheck.

People underestimate, I think, We spend decades asking, how much have I saved? So we're looking kind of in the rearview mirror.

Retirement requires us to start asking a completely different question.

How do I turn what I've saved into income that I can actually live on? And according to this survey, a lot

of people haven't figured that out yet.

Well, the statistic that stood out to me when I read the survey was that among the retirees surveyed, half said they don't have a specific strategy for generating retirement income.

And 58% said that they don't know how long their savings will last.

That's a pretty significant disconnect.

You can look at an account statement and say, I've accumulated half a million or a million or two million.

But that number by itself doesn't tell you what kind of lifestyle it can support.

And that's a very individual question.

It is.

And because now we have to all of a sudden start answering some very different questions like, how much are you going to withdraw? Which accounts are you going to take it from? How much will come from Social Security? Some people still have pensions.

Do you have a pension? And what happens when markets are down? And maybe most importantly, how long does this money have to last? Yeah, and the

timing of all your withdrawals, too.

This is a shift from accumulation to distribution.

And let's talk about it psychologically for a moment.

And I'm here with Lisa Gillum.

Lisa, I came across a new retirement survey and there was one number that immediately caught my attention.

Americans who haven't retired yet say they think they'll need about $5,100 a month to live comfortably in retirement.

That's a very specific number, I think, in rounding personally.

But my first thought was, OK, but where is that $5,100 going to come from every month?

That's exactly the question, because while you're working, you don't have to think very much about how income gets created.

You work, and every couple of weeks, a paycheck shows up.

It's wonderful.

Retirement completely changes that, and suddenly, you're responsible for creating your own paycheck.

People underestimate, I think, We spend decades asking, how much have I saved? So we're looking kind of in the rearview mirror.

Retirement requires us to start asking a completely different question.

How do I turn what I've saved into income that I can actually live on? And according to this survey, a lot

of people haven't figured that out yet.

Well, the statistic that stood out to me when I read the survey was that among the retirees surveyed, half said they don't have a specific strategy for generating retirement income.

And 58% said that they don't know how long their savings will last.

That's a pretty significant disconnect.

You can look at an account statement and say, I've accumulated half a million or a million or two million.

But that number by itself doesn't tell you what kind of lifestyle it can support.

And that's a very individual question.

It is.

And because now we have to all of a sudden start answering some very different questions like, how much are you going to withdraw? Which accounts are you going to take it from? How much will come from Social Security? Some people still have pensions.

Do you have a pension? And what happens when markets are down? And maybe most importantly, how long does this money have to last? Yeah, and the

timing of all your withdrawals, too.

This is a shift from accumulation to distribution.

And let's talk about it psychologically for a moment.