On this episode of The Retirement Huddle podcast, Mark Howard explains the questions you need to answer to see if you are ready for retirement.

I have no idea if I can retire

I can only imagine how somebody feels if they don’t have any idea if they can retire. That’s got to be a very helpless feeling. If that’s where you are, here are some questions to ask yourself:

• What do you want your retirement lifestyle to look like?
• How much income will you need to sustain that lifestyle?
• What income streams do you have in place already (Social Security, pension, etc.)?

I think I have enough money to retire

If this is you, here are questions to ask yourself:

• Who or what makes you think that you’re ready? Is that feeling based on a plan or is it truly just a feeling?
• Where will your first paycheck come from once you retire?
• What rate of return do you need to get on your investments to make this all work? Is that rate or return reasonable?
• Do you have an emergency fund and enough money for big expenses that will inevitably come up?

I know I have enough money to retire

• How will your income plan change if tax rates go up in the future?
• How will you give yourself raises in retirement to keep up with inflation?
• Does your income plan allow you to truly spend with confidence and enjoy life without worrying about running out of money?
• What happens if you need long-term care?
• Is leaving a legacy important to you? If so, do you have a legacy plan?

Listen to the full episode or use the timestamps to jump to a specific section. Thanks for listening! We’ll be back for another show every other Thursday.

Today’s Rundown:

[1:07] – I have no idea if I can retire

[3:24] – I think I have enough money to retire

[5:00] – I know I have enough money to retire

[7:13] – What to do before talking with Mark