How Much Money Do You Need To Retire?

I want to talk about a quote that I heard recently from bestselling author Ryan Holiday. Ryan Holiday, for any of you that may not be familiar with him, he’s written a couple of books that I really enjoyed and got a lot of benefit out of personally, one of them is called The Obstacle Is The Way and the other book is called The Ego Is The Enemy, but the quote that I heard was actually on a podcast that I was listening to on my way out to a meeting, and the quote goes like this: “if you don’t know how much “you need, the default easily becomes more”. And when I heard that, it instantly resonated with me because that’s often one of the topics that we talk with our clients about all the time as it relates to their retirement planning and I think there potentially may be a lot of people out there that are saving money, they’re working hard and they really don’t know how much they truly need to have saved up for their retirement because they haven’t really designed that out and really calculated out some of those things, so again, the default easily becomes more, becomes work harder, becomes save more money and keep pushing ahead.

So one of the things that I think is very important for almost everybody to do is to really know what it is that you’re working towards and what you’re working for. What is that end goal that you’d like to try to accomplish? And the way that I oftentimes try to do this, is to begin with the end in mind, so by thinking ahead to what you’d like your retirement to look like, what are some of the things that you want to do, do you want to live where you currently live, do you want to relocate or spend winters someplace warm, do you want to play a lot of golf, do you have some hobbies that you like to do, some charitable work, and really kind of spend some time to calculate how much money you may need to do all of those things that you want to do in retirement, and then from there kind of work backwards to figure out how much money you might need to have saved to generate that lifestyle that you’re looking for. So again, begin with the end in mind and spend some time planning out retirement.

So one of the things that we have available for everybody, as a free resource on our blog at MoneyEvolution.com is, I put together a little mini-workshop, it’s called The Race To Retirement Mini-Workshop, it’s three parts, part one we spend some time looking at and helping you answer the question, how much money you may need for retirement, and planning some of those things out with some worksheets that go through expenses, how much things are likely going to cost for your retirement. Part two we start to look at identifying what that retirement gap might be, so looking at how much money you need versus how much money you maybe have saved up right now, identifying that gap so you can see how close you are to reaching some of those financial and retirement goals. And then in part three of the mini-workshop, we start to explore some ways to bridge that gap and bring that a little bit closer together. So again, this workshop is completely free to participate in,

I’m going to put a link here in the post http://moneyevolution.com/money-evolution-blog/free-resources/ today that you can click on, takes you right to the page where you can register to take that course, you can put your email in there, we’ll send you some worksheets that go along with the mini-workshop but whether you’re already retired, you’re planning on retiring very soon, or even if retirement is still a little ways away, it’s still a fantastic exercise to go through to really kind of plan that out, so you know how much money you may need to be able to retire

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