Retirement readiness cannot be reduced to reaching one universal savings target. Having one million dollars may be more than enough for one household and insufficient for another. The real question is whether your income, savings, expenses, and plans can work together throughout the retirement you want to experience.
In this episode of Coasting in Retirement, Josh Null and Jay Stubbs examine the financial and personal questions that can help determine whether someone is ready to leave the workforce.
They discuss how Social Security, pensions, and portfolio withdrawals may be used to cover essential and discretionary expenses. They also consider the effects of debt, healthcare costs, cash reserves, inflation, and market volatility on a retirement that could last twenty or thirty years.
But financial projections are only one part of the decision. Josh and Jay also explore the importance of having meaningful activities, strong social connections, and a sense of purpose after work is no longer the center of daily life.
Can your resources support your desired lifestyle without placing too much pressure on your savings? And are you personally prepared for how your life may change once your career ends?
Listen to the full episode to learn how the pieces of a retirement plan can come together and help answer the question, “Am I ready?”
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