How to Know When You Should Stop Saving for Retirement (and What to Do Next)
- How to Know When You Should Stop Saving for Retirement (and What to Do Next) James Conole, CFP® 31:23
Drew, a burnt-out, financially responsible 40-something father of two, hopes he can scale back from his stressful job and still be okay when it’s time to retire. James offers a practical and philosophical take as he tackles Drew’s question. He demonstrates how to determine when Drew and his wife will be in a good position to fully retire. He also challenges listeners to assess their spending and saving habits and to strike a balance between planning for an unknown future while still finding fulfillment, freedom, and purpose today.
Questions answered:
How can I determine if I can stop saving for retirement?
What introspective questions should I ask now to help me live well pre- and post-retirement?
Timestamps:
0:00 – Drew’s question
2:07 – Two mindsets
6:08 – Assess current and future needs
7:33 – Projection Exercise
11:28 – Working backwards
14:50 – Working 10 more years
18:21 – Back to the initial question
19:47 – Considering Growth rate
21:38 – A philosophical question
23:52 – 3 Levers
26:07 – Check spending/saving habits
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