Many investors think about a “financial freedom number,” but defining that number involves more than a simple calculation. In this episode of Dime After Dime, Tony Stich talks with Julie Rich about what it means to reach financial independence and how that number may vary based on individual circumstances. They discuss a basic framework for estimating a starting point, along with the limitations of relying on simplified calculations alone. Julie outlines several key factors that may influence long-term planning, including healthcare costs, inflation, taxes, life expectancy, and market assumptions. The conversation also explores how conservative projections, stress testing, and ongoing adjustments may help provide a more realistic view of financial readiness. They also review practical considerations for individuals who may be behind their target, including potential tradeoffs between spending, saving, and retirement timing. The episode highlights the importance of ongoing planning and adapting to life changes to help maintain financial independence over time. Resources: 3:15 - “Research has shown that the more you plan, the more confident and happy you are in retirement.” https://pmc.ncbi.nlm.nih.gov/articles/PMC5529398/ 3:59 - “So, a couple age 65 statistics show that at least one of them will live until 93 years old.” https://www.benefora.org/articles/life-expectancy-social-security 4:07 - “A couple on average will spend about $300,000 on healthcare costs during retirement, and that doesn't even include long-term care.” https://www.fidelity.com/learning-center/wealth-management-insights/how-to-prepare-for-health-care-costs-in-retirement 8:02 - “So if we're inflating healthcare costs at 6% a year, which is the industry norm, that number by the time you need it is a very large number.” https://401kspecialistmag.com/health-insurance-costs-anticipated-to-surpass-18k-in-2026/ 8:30 - “The historical inflation, general inflation is about 3%.” https://realinvestmentadvice.com/resources/blog/inflation-impact-on-retirement/ 11:37 - “I read some research that being smart about what kind of account you're taking money from can save you up to 15% on taxes over the course of your life.” https://www.fidelity.com/viewpoints/retirement/tax-savvy-withdrawals Added Disclosures: The strategies and concepts discussed in this episode are for informational and educational purposes only and do not constitute personalized financial, tax, or investment advice. The use of financial planning software, regardless of sophistication, and retirement planning projections do not guarantee outcomes; actual results will vary based on market performance, spending, health events, and changes in tax law. Please consult a qualified financial professional before making any financial decisions. The content on this page and/or video is for educational purposes only and should not be construed as investment advice. Specifically, the content is intended to provide education and tools for individuals looking to handle their retirement planning on their own. Should you need personalized investment advice, you should consult with a registered investment adviser. Any communications on this page with other individuals that are not associated with Moran Wealth Management, LLC are done voluntarily by users and are unsupervised and unaffiliated with Moran Wealth Management, LLC and Moran Wealth Management, LLC has no responsibility or liability over any discussions or advice that may be given. Moran Wealth Management, LLC is a registered investment adviser and can provide investment advice. If you are interested in Moran Wealth Management, LLC’s advisory services, you can contact us at 239-920-4440 or info@moranwm.com. For disclosures, visit: https://www.moranwm.com/disclosures This communication may contain
