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We’re all familiar with financial gurus like Dave Ramsey and Suze Orman. They’ve helped many Americans eliminate debt and take their first steps toward financial freedom. But according to David McKnight, the author and financial planning expert, that doesn’t mean that their paint-by-numbers approach to retirement income planning holds water.
Eight percent withdrawals and 12% assumed average returns sound great, but disciplined investors who have saved well and played by the rules risk losing a substantial portion of their nest egg by heeding such “outdated, one-size-fits-all advice” so often shared by financial gurus.
On this episode of Ask the Retirement Expert, ThinkAdvisor Senior Reporter John Manganaro speaks with McKnight about closing the gap between what mainstream media personalities advise and the sophisticated, math-based approach that effective retirement planning requires.
During the episode, McKnight and Manganaro also discuss:
- The important role of annuities and cash-value life insurance.
- Key tax-management techniques like Roth conversions.
- The power of long-term stock market investing and more.
To listen to additional podcasts within the Ask the Retirement Expert series, click here.
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