This week on the One Minute Retirement Tip podcast, it’s time for a financial checkup. 

Today, I’m talking about a retirement progress report. 

How are you progressing toward your retirement goals. If you’re 5 years away from retirement, are you currently saving enough and in the right accounts to get you to the finish line. Is your retirement date target still realistic? What else can you do to save more if you’re behind, or do you just need to work a little longer? In the last 10 years before retirement, it’s critical that you make a retirement progress check an annual thing. 

You need to know where you stand and catch the cancer in your finances before it spreads. The 4 factors that influence whether or not you will outlive your savings in retirement more than anything else are: 

• Your retirement age
• Your current savings and your assets (or in other words, the size of your portfolio) and how those assets are invested
• Your income sources in retirement
• Your retirement lifestyle

When you look at these factors together, will the combination of when you retire, how much money you have, it’s growth potential, along with your income sources in retirement be able to support your desired lifestyle in retirement. All of these factors are critical on their own, but the combination of them in your situation needs to ensure that you don’t outlive your money. 

That’s it for today, but before you go, if you missed yesterday’s episode, you missed the exciting upcoming virtual event I’m hosting with guest speaker, Chad Morganlander, on investing in uncertain times. For more info and to grab your free spot, head over to truenorthra.com/tickets. 

Thanks for listening! My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance