It’s everyone’s favorite question, “How much money do you need to retire?” But what is the answer? We explore that on this episode and discuss the factors that will help determine that number for you.
(Want to jump ahead in the episode? Click the featured times below to skip to a specific section.)
How do you put together a plan for how much you need to retire? There are so many moving parts to your retirement, which means the answer sometimes looks like a bunch more questions.
For instance, are you going to work in retirement? Lately, more people have retired from their full-time jobs but continue to work part-time to bring in a little bit of income. When you build a retirement plan, you want to create a strong foundation. This often begins with looking at your sources of income as well as your needs and expenses.
Another question that goes into how much you need is when you actually plan to retire. Do you love working full-time? Do you have family members that need help with care sooner? There are a lot of variables that may change that date.
Finally, while we all care deeply for our children, be careful how much you prioritize their college over your retirement. How much of your money is going toward saving for college vs. retirement savings and investments? The price of college continues to get higher, and that’s not the kind of financial investment you’ll be able to easily duplicate when it comes time for your retirement.
Do you have a retirement plan in place?
Listen to the full episode or click on the timestamps below to hear a specific segment.
[0:17] – How do you find out how much money you need to retire?
[1:18] – Are you going to work in retirement?
[3:53] – You have to start with a strong foundation when saving for retirement.
[4:42] – How long does it take to build a good foundation for retirement?
[6:18] – Everyone has a different threshold for when to retire.
[8:09] – Be careful when it comes to taking care of your kids (and their college) instead of saving for retirement.
Brian Bowen – Contact