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102 | Q&A: How Do I Know How Much Money I Will Need To Retire? Retirement Planning, Best Way To Save For Retirement, Retirement Investment Options, Retirement Savings Plan
Description
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In this episode, we answer a question from a client about how to know the amount of money she needs for retirement. It's a great question to ask, the earlier the better.
We cover:
- Defining your retirement vision: You can't know how much you need until you know what you want!
- Retirement planning requires casting vision for your ideal post-work life.
- The need to consider personal preferences and goals for the next season of life.
- The importance of open communication with partners/spouses about shared retirement vision.
- How to create a retirement budget-- it's going to be different than your current budget! (think paid off mortgage, hobbies, travel, grandkids, etc!)
- How to use that budget to calculate your annual retirement expenses
- How to plan how much income you'll need in addition to any expected income
- How to use the 4% rule as a conservative guideline for sustainable withdrawals from your investments.
- How to get your magic retirement number that is a clear retirement savings goal.
- Here is another episode to listen to about retirement calculations.
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3️⃣ Budget – Grab our Simplified Budget System! You don’t need another budget, you need a system that does the math, makes the plan, and gives you permission to spend. ➡︎ budgetbesties.com/budget
4️⃣ Private 1-on-1 Coaching – Get a plan and a coach. We’ll build your full budget system together, so you always know what to do and feel confident doing it. ➡︎ budgetbesties.com/coaching
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