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His philosophy centers on making smarter money decisions that keep your assets safe.
Here are six of his top tips forprotecting your retirement funds.
Your final goal, Fidelity states, is to have 10 times your salary in the bank by 67.
Bach called this a general guideline, but warned that your target shouldnt be lower.
Its not about giving up the things that bring you joy, he said.
Its about knowing where your money goes and avoiding spending on things that dont match your values.
This intentional spending system can help you avoid disaster in retirement.
Ditch Budgeting for Automation
You might be surprised that David Bach doesnt want you to budget.
Hes beenrecommending against it for years, arguing that its too easy to get busy and fail.
This reality check is validating for anyone who has an unfinished budget or two on their hard drives.
Its challenging to find the time to account for every dollar to be sure youre saving enough.
Thats why Bach recommends automating your savings strategy.
Last year, hetold his audiencesto set aside an hours worth of pay every day.
Bach believes you could, and should,do both simultaneously.
If you see yourself approaching retirement without agrowing savings account, you risk giving up altogether.
This way, you might see results in both domains and be more prepared overall.
Many of these accounts feature target-date mutual funds, which transition to lower-risk options as retirement nears.
When risk management is automatic, Bach believes, your retirement is more likely to be disaster free.
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