Planning for retirement is about finding the right balance—saving enough to secure your future without sacrificing your present lifestyle. This video breaks down a simple formula to calculate how much you need to save, starting with the gap between your expected expenses and income sources like Social Security. Using a 4% withdrawal rate, you can estimate the portfolio size required for a comfortable retirement. Root Financial's free savings calculator helps you determine if you're on track, but a more detailed approach considers critical factors such as: ◦ Taxes – The impact of withdrawing from traditional vs. Roth accounts. ◦ Inflation – Adjusting savings to maintain purchasing power over time. ◦ Spending Patterns – Higher costs in early retirement (e.g., travel) versus later years. ◦ Life Expectancy – Ensuring savings last for the long haul. By accounting for these factors, you can avoid working longer than necessary while aiming for financial security. The goal? A well-planned retirement that lets you enjoy life now and in the future. Free Retirement Savings Calculator: https://docs.google.com/spreadsheets/d/1e4uHiGRSDDSoOYgeWPgQLLKcStQTaKfaXkM8ZphU7uU/copy ======================= Work with us → https://www.rootfinancial.com/start-here/ Check out our Root Financial Youtube Channel → https://www.youtube.com/channel/UCopKwWs9ea1dAOxqZOqBjpg Get access to the retirement software I use → https://retirement-planning-academy.mykajabi.com/rpa _ _ ⏱Timestamps:⏱ 0:00 - The first approach 3:14 - How much to save along the way 6:00 - What's missing - tax impact 7:45 - The second approach - meet Tina 11:00 - Traditional vs Roth IRA 12:13 - Clarify expenses in a detailed way 14:39 - Retirement spending smile 16:43 - Retirement planning software -- Advisory services are offered through Root Financial Partners, LLC, an SEC-registered investment adviser. This content is intended for informational and educational purposes only and should not be considered personalized investment, tax, or legal advice. Viewing this content does not create an advisory relationship. We do not provide tax preparation or legal services. Always consult an investment, tax or legal professional regarding your specific situation. The strategies, case studies, and examples discussed may not be suitable for everyone. They are hypothetical and for illustrative and educational purposes only. They do not reflect actual client results and are not guarantees of future performance. All investments involve risk, including the potential loss of principal. Comments reflect the views of individual users and do not necessarily represent the views of Root Financial. They are not verified, may not be accurate, and should not be considered testimonials or endorsements. Participation in the Retirement Planning Academy or Early Retirement Academy does not create an advisory relationship with Root Financial. These programs are educational in nature and are not a substitute for personalized financial advice. Advisory services are offered only under a written agreement with Root Financial.