Be careful with this. Just my opinion. Dave Zoller, CFP®
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Dave Ramsey is a well-known personal finance expert in the United States, and he is often asked for his opinion on various investment and retirement strategies. One topic that has garnered a lot of attention in recent years is the concept of safe withdrawal rates, particularly the 4% rule and the 8% rule. These rules are designed to help retirees determine how much of their investment portfolio they can withdraw each year without running out of money.
The 4% rule is a widely accepted guideline that suggests retirees can safely withdraw 4% of their portfolio in the first year of retirement, and then adjust that amount for inflation each subsequent year. The rule is based on historical market data and is meant to provide a steady income stream while ensuring the portfolio lasts throughout retirement. On the other hand, the 8% rule suggests that retirees can safely withdraw 8% of their portfolio each year, which could potentially provide a higher income but also carries a greater risk of depleting the portfolio too quickly.
Dave Ramsey has been vocal about his views on safe withdrawal rates, and he generally aligns with the 4% rule. He has emphasized the importance of being conservative with withdrawals to ensure that retirees do not outlive their savings. Ramsey often preaches the importance of living within one’s means and avoiding excessive risk, which is reflected in his support for the 4% rule as a safe and sustainable approach to retirement income.
In his popular radio show and podcast, Ramsey has advised his listeners to prioritize financial stability and long-term security over the potential for higher short-term income. He frequently cautions against making risky investment decisions that could jeopardize one’s retirement savings. As such, it’s not surprising that Ramsey would advocate for the 4% rule over the more aggressive 8% rule, as it aligns with his conservative financial philosophy.
That being said, Ramsey also emphasizes the need for individualized financial planning. While he generally supports the 4% rule as a safe withdrawal rate, he recognizes that every person’s financial situation is unique, and there may be instances where a different approach is warranted. He encourages his audience to seek the advice of a qualified financial advisor who can help them navigate the complexities of retirement planning and determine the most appropriate withdrawal rate for their specific circumstances.
In conclusion, Dave Ramsey’s reaction to safe withdrawal rates, particularly the 4% rule and 8% rule, is consistent with his overall financial philosophy. He advocates for conservative and prudent financial decisions, particularly in the realm of retirement planning, and generally supports the 4% rule as a safe and sustainable approach to retirement income. However, he also stresses the importance of personalized financial planning and encourages individuals to seek professional guidance to make informed decisions about their retirement withdrawals.
Fact is inflation is not a stable number. The market is not a stable number . All these % are based on presumption. So prudent management requires a constant understanding that all these % s are based on assumptions.
Don't listen to Ramsey he only cares about himself
But.. do you think that Dave actually knows about the concept of risk of sequence of returns?
Most people don’t have a million in their accounts.
I would never work for someone like Dave Ramsey. His advise is not that great.
I'll stick with whole life. ❤️
I’ve decided I’m going to play it safe and just never take anything out of my 401k then I’ll be good forever.
I've just recently came across your videos and was on the fence about whether to subscribe to another investment advisor partially because I sometimes find you hard to follow but when I heard you yell down to your mother about the meatloaf it knocked me off the fence and into subscribing to you. Bonus points for pointing out how Ramsey's investment advice should be avoided at all costs. Keep up the good work. #ChazzReinhold #WillFerrell #weddingcrashers
Now that I have seen it… I think He definitely owes George an apology. Dave went from 0-100 with only the briefest thought that he may not have understood the content the user was referring to.
Great job this was so helpful!
The funny thing is that all of the yelling and name calling can be avoided if he just pulled up an Excel spreadsheet. Show everyone your receipt!
Yeah I think Dave has gone off into the weeds on this one. No way would I suggest an 8% WR, thats insane! Yeah Dave has made 12% over a decade.. The next decade is not guaranteed to return anything close to this. I wonder if this is more about creative marketing for Dave's products?
Love your nuanced approach. Just subbed.
Every now and again Dave says something controversial like this in order to create buzz and it works. I searched Dave Ramsey 4% rule and immediately channels like this started saying things about it lol
7:15 Watch Dave's right hand, he's hanging up on the caller
Dave Ramsey is completely ignoring sequence of return risk! Dangerous
I feel so bad for George.
Someone give Ramey a variance calculator
Easy does it.
There’s a world of difference between the FIRE group and someone retiring in their mid-late 60s.
Dave isn’t wrong.
I man yeah, withdraw 8% per year, if you'd like to eventually clean out your retirement accounts.
4% is a guideline, not a fixed rule. There are so many unknowns.
Dave has gotten to big for his pants.
thank you for this "public service message" review Dave. There is no way I would have stayed as calm.
Dave Ramsey's baby steps worked for us, so thankful for it.
I have never seen 12 % gains year after year. From 1930 to 1953 the market was zero gains.
Out of topic but Dave is kind of right regarding redditors making a lot of crap up.
There are 4 types of people in this world:
7) those who can do math
5) those who can't do math
8) Dave Ramsey
very entertaining! as you point out, Ramsey ignores sequence of return risk … your not going to get a steady 12% each year, early losses would destroy his plan!
I just retired at 60. my wife and I will probably withdraw about 6% until social security (5 – 7 years)… then 3%. 8% feels super risky.
If i could get 12% every year, i would be retired right now.
You have to take a lot of risk to get 12% each year.
Dave is a bully. And wrong