Ep #005: How Much Do I Need To Retire?
Coming up with an exact dollar amount for how much you need to retire can be challenging. There are many factors that need to go into this estimate and a lot of things to consider. Rather than trying to get to an exact number, in this episode, Tom will be sharing a framework that will allow you to think out of the box and have a clear idea of what you should be evaluating before your retirement.
Listen in as Tom explains the importance of having a good understanding of what you want from retirement before you decide to leave your job and why you should expect the unexpected to happen during your saving years on the way to retirement - and how to plan for this. Have an idea of where you stand currently, identify where you want to be, and make a plan to get there.
Listen to the full episode:
What You’ll Learn:
- Several things to consider before estimating your needed retirement funds.
- The importance of understanding what retirement means to you.
- How to get a better idea of what retirement might look like for you.
- The benefit of knowing what your lifestyle might entail for retirement.
- How to know if your current financial plan will get you to where you want to be in retirement.
- The importance of recognizing that the unexpected will happen.
- How to align your use of capital with what’s important to you.
Ideas Worth Sharing:
- “Whatever you want your retirement to look like, write it down.”- Tom Poltersdorf
- “When you try to answer the question of 'how much do you need to retire?', identifying where you want to go and where you currently allow you to build the road map to get there.” - Tom Poltersdorf
- “Take a deep look at your current financial resources - your expenses, investment accounts, everything - and project what your number needs to be to provide you an income stream to support your lifestyle for that next phase of your life.” - Tom Poltersdorf
Share The Love:
If you like the Business Exit Success podcast …Never miss an episode by subscribing via Apple Podcasts, Spotify, Stitcher, Google Podcasts, Amazon Music or by RSS!
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
👉 Click here to subscribe and grab your free guide.