Ep 29 - DIY Financial Planning - Retirement Planning

Retirement planning is one of the most common things a financial advisor helps with.
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What would your answer be to   "At what age do you want to retire?"  The typical answer would be when a person can take their social security at the Full Retirement Age.
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Now, what would your answer be to  "When do you want to make work optional?"   This answer could be totally different, and if it is, I want you to use the younger age for planning.
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Now that you have a target age to retire, the next thing you need to know is how much will you need in income every month.  The easiest way to start is based on how much you're getting every month gross.
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This doesn't mean that this is the full amount coming out of your investments,  because social security, pension, rental income, or any other sources of income will help.  The difference between what you want and what is not covered from these sources of income is what will be coming out of your investment account every month.
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Two calculations you'll need to do:
1.  How much you'll have when you retire
2. Take that amount and see if that will be enough
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If what you're doing will accomplish your retirement goal, then that's amazing.  If it doesn't then there are 3 variables you can modify:
1.  Retire later
2.  Spend less in retirement
3.  Save more

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