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October 2022
AuthorJeff Venables is a Christ-follower, husband, father, high school chemistry teacher, Dave Ramsey certified financial coach, runner, and blogger. |
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When and How to Retire3/1/2021
, When should you retire? 62? 65? I know some people who plan to work until the morning of their funerals. I know others who would retire yesterday if they could afford it. Chris Hogan says that retirement is not an age, it is a financial number. But, what exactly is that number? Well, the short answer is that it depends. The bottom line is this - you need to be sure that your retirement income covers your retirement expenses. Sounds simple, right? Well, the more you have saved and the less you owe, the closer you are to retirement. So, create a "retirement budget." How much will your expenses be? Don't forget about expenses like healthcare. Next, determine your retirement income. Will you receive a pension? How much is in your IRA, 401k, or other savings accounts? How long does it need to last? Will Social Security be part of the equation? Hopefully, it is not the entire plan, because a government that cannot balance its own budget should not be counted on to take care of its citizens when they retire. Are you there yet? I am 48 years old, and I know my number. And it is closer than one might imagine. Do you need help figuring out your number? You can try the calculator below from Calculator Soup. Are you interested in one-on-one coaching to help with your plan, or with any other aspect of your finances? Click here to schedule a complimentary consultation with a financial coach.
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