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Ep 48: How Do You Know? Answering Important Financial Questions Thumbnail

Ep 48: How Do You Know? Answering Important Financial Questions


On This Episode

Today we’re sharing some crucial financial questions. How do you know how much income you’ll need in retirement? Are you taking too much risk in your investments? We’ll answer these questions and more. 


On today’s Saving With Silverman podcast, Mark Silverman CFP® answers some crucial financial questions that you need to know. 

How do you know how much income you’ll need in retirement?

It’s easier to know the answer to this question when you’re retired because you’ll have a better handle on your finances. But you need to have a plan going into retirement. 

The general rule is about 70% to 80% of your working income you spend in retirement. That makes sense if you pay your mortgage off before retirement. 

We find with our clients that people spend about the same in retirement as they did in their working years. It varies from person to person, of course.

How much money should you have in your savings account?

This is a great question. We typically say 3 to 6 months should be liquid. Some older clients err on the conservative side and have 12 months. 

But you don’t want to keep too much in cash because it won’t keep up with inflation. We’ll calculate that number for you during our planning process.

How much life insurance should you have?

This can vary. There are all sorts of different types of policies. There’s term, permanent, life, etc. We don’t believe everybody needs life insurance. 

Life insurance can be used for long-term care. That’s become pretty popular in recent years. 

Listen to the full episode or use the timestamps to jump to a specific section. Thanks for listening! We’ll be back for another show every other Thursday.


The key is to understand how much risk you’re taking, making sure you can stay invested when it does go down and don’t make a rash decision and get out. 

 - Mark Silverman, CFP®

The Layout

Listen to the entire episode to hear more. Click on the timestamps below to skip to a particular segment. 

0:44 – How much income will you need?

2:03 – How much money in savings?

3:00 – How much life insurance?

4:19 – How much risk

6:06 – Are fees too high?

7:13 – Is an advisor a good fit?

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