The theme this week on the Retirement Quick Tips Podcast is: How Much Is Enough?

Yesterday, I talked about the minimum amount of income you need to be happy and have a high life satisfaction, and how research suggests that above this level, the law of diminishing returns tends to kick in and you don’t have a significantly higher amount of happiness or life satisfaction above around $105,000 of income annually. 

With that said, today I’m talking about finding the sweet spot of retiring at the right time. This is a common issue I discuss with clients, as many of them approaching retirement either want to or need to continuing working for a few more years, but they also want to enjoy the early years of retirement while they’re still healthy and can travel more, and just generally enjoy the time freedom that comes with retirement to live a more active and balanced life. 

It’s critical then, to find that sweet spot of retiring at the right time. To be clear, there is no perfect or ideal time to retire, since planning for retirement deals with the inherent uncertainty of planning for an unknown future. 

But with some careful planning and building guardrails into the plan, I can confidently tell clients, yes you can retire now, or next year or whenever, or you should consider working until this particular age so you minimize the risk of running out of money. 

If you don’t work long enough, it will strain your assets and income and you won’t be able to do the things you want to do because you simply can’t afford to. 

If you work too long, you may look back with regret that you wasted the good, healthy years of retirement by continuing to work when you really didn’t need to or want to anymore, and now your health or energy or both have declined to the point where like the person who didn’t work long enough, you can’t do the things you wanted to or spend your time and financial resources in a meaningful way that increased your life satisfaction. 

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.  

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