Know all you need for retirement? Take this little quiz to see where you stand when it comes to retirement readiness.
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On today’s episode of the Retirement Ready podcast, we check in to see how ready you really are. What sorts of things are you overlooking, and where do you need to stay better focused?
Do you know how much it costs to fund your current lifestyle? Most people have a general idea of their living expenses. But what people forget to budget for are things like healthcare or travel. What areas will you save in retirement? It’s important to go through your budget line by line to determine what you’ll need in retirement.
What should your net worth be in order to retire? Are you comparing with your neighbors and getting nervous? Remember that everyone has a different situation. Some have a pension while some have 401(k)s. Instead of focusing on the dollar amount accumulated, pay attention to what your retirement income will be. Make sure to check out the numbers with your financial advisor.
Finally, how does whatever is happening in the news affect your overall retirement plan? Remember that news stations and publications are motivated keeping you glued to the news. They have to keep enough content going all day and keep viewers engaged. Instead of getting caught up in the noise, try to take it all with a grain of salt and think about your plan long-term. Have a diversified plan and retirement income that comes from safer places that aren’t impacted by market fluctuations.
Listen to the entire episode or use the timestamps below to skip ahead.
[1:08] – How much does it cost you to fund your lifestyle?
[3:26] – What do you need your net worth to be to retire?
[7:08] – How does the latest news impact our retirement plans?
“How do I turn this stuff into income so it can last me the rest of my life in retirement? That’s what having a proper retirement plan can help you do.“
Check out some other recent episodes
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What kind of savings do you really need for retirement? Are you working with the right advisor to get you there? Eric answers three questions from listeners.Read More