OPINION: Don’t rely on someone else to tell you — in a video or blog post — whether you can retire if you are 25 to 30 years away from retirement. Here’s why.
The way we manage money, how we handle debt, our desired lifestyle and our family status are all important variables to consider. From what I observe, however, many people ignore these differences and seek a one-size-fits-all answer.
I never knew there were so many experts out there. My favorites are those who give advice after disclosing they aren’t expert advisers. A question for those who listen to these folks: What makes you think someone else can tell you—in a video or blog post—whether you can retire?One of my YouTube favorites is a retired financial adviser. He takes questions and then proceeds to construct answers using an Excel spreadsheet.
Sometimes, the questioner provides more details. “We live in Maine. This is a pretty expensive state to live in. For those of you who also live in Maine or another similarly expensive state, I wonder, what would you consider a reasonable monthly budget for two?”All it takes to make any retirement plan work online is a willingness to manipulate the assumptions. If you assume high investment returns, plus low inflation for the next 30 years, then all will be well—and that’s an assumption, too.
Yeah, I’m being a bit snarky, but that’s a real question from a YouTube video. As I recall, the YouTube advice to this questioner was to start saving 70% of income. Or was it to get real and plan on working until age 70?
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