Ep 34: Retirement Readiness – Where Do You Stand?

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.
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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

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Show Hosts

The “Coach” who will help you achieve a successful retirement future and the radio veteran who brings it all together.

Mark Howard - The Coach

Mark Howard is the President of Howard Financial Group and has more than 27 years of experience in the insurance, wealth management and financial services industry. He's also the host of the Retirement Huddle Podcast and radio show on 97.7 WTKS.

Ron Stutts - The Voice

Ron Stutts has been a professional communicator for more than 40 years. With a successful radio career that spans decades, Ron's voice has been heard on dozens of radio stations and podcasts across the country.

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