Retirement is coming. Your plan, and your preparation, can be the difference between twilight years that are a pleasure… and those that are a pain. Consider this: the last 30 years has seen the first generation retiring primarily without a pension. As life expectancy increases, the need for retirement funds, and to use them wisely, has never been more important. To put it bluntly, retirement is a balancing act trying to avoid having more years of life than funds in the bank. That's where financial adviser Bill Bengen comes in. Bill first articulated the 4% percent rule for retirement funds—a now common strategy that suggests retirees can safely withdraw 4% of their total retirement savings during the first year of retirement, then adjust that amount annually for inflation. While the 4% rule is so common today, you'd be hard-pressed to find a financial adviser who doesn't recommend and practice it, it literally took a rocket scientist to get us there. A native of Brooklyn, Bill received a degree from MIT in aeronautics and astrophysics, even publishing a book on model rocketry. After working in his family's soda business for 17 years, Bill moved to California and opened a financial planning firm. He ran the business as fee-only (no commission) for 20 years, before selling it and retiring in 2013. Today, we're going to chat with this living legend about preparing for retirement, the research that led to the 4% rule, and how we can use it to our advantage. Brief legal disclaimer: This podcast is intended for informational purposes only. The ideas and opinions on this episode do not constitute tax, legal or investment advice. Listeners should seek the input of their own tax, legal, and financial planning professionals before acting on any of the information provided. Any speaker on this podcast expresses ideas that are subjective to the time of the recording, and are subject to change without notice, and are not always indicative of the opinions of the underwriters of this show. This episode should not replace the diligence of a full financial plan with a financial planning professional that can take your specific situation into account.