Do you have any idea of much money you’ll need in order to enjoy your retirement? What about your monthly cash flow? Do you have enough saved to replace your current income from your job? If you don’t have a definitive answer to these questions, then this episode is for you! 

Especially during a time of economic turmoil, it is prudent to re-evaluate your plans for retirement or get them started if you haven't already. While it might sound complex and challenging, the truth is, all you need to do is take a few steps in the right direction and before you know it, you’ll have a plan in place. 

Join me on this episode as I break down some helpful tips that you can use to ensure you have a solid plan for retirement. You’ll want to have a pen and paper handy for this informative episode! 

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You will want to hear this episode if you are interested in...

• Having enough cash flow for retirement - what is the right number? [1:45]
• Complete a cash flow worksheet [4:30] 
• Planning ahead for large expenses [7:00] 
• Reviewing your income sources [8:30]
• Action steps you can take [11:30]

How much is enough? 

You may have heard the rule of thumb that goes like this, “In retirement, you are only going to need 80% of what you are spending pre-retirement if you have a mortgage” or that “You’ll only need 60% of your income pre-retirement if you don’t have a mortgage.” Does that sound right? 

There are two approaches that I advocate for and that I share with all my clients when it comes to making sure you have enough money to retire. 

1. Look at the number that you take home each month from your paycheck. What is leftover from that amount after you have paid all your expenses? If the number is large enough after your expenses, you are likely in a good position to consider retirement. 
2. The second approach is to go to work on a cash flow worksheet. This exercise will help you see in black and what your fixed and variable costs are and how you can plan ahead with those factored in. 

To hear more about both of these approaches and what you can do to make sure your family is prepared for a successful retirement, make sure to tune into this episode! 

Plan for the worst 

At some point, most of us will find ourselves daydreaming about future travel, hobbies, or time we get to spend in retirement with friends and family. No one has a problem daydreaming and planning for the fun things but rarely do we have plans for the bad things that pop up in life! 

Just like they do during your years in the workforce, challenging times will come in retirement too. What will you do when an unexpected financial situation arises in retirement? Will it send you scrambling or will you have a backup plan in place? I encourage savvy investors like you to not only plan for the fun aspects of retirement but to also plan for the unexpected that lurks around the corner - you can do both! 

Resources Mentioned on This Episode

• Episode #2: A retirement strategy that works

Connect With Morrissey Wealth Management 

www.MorrisseyWealthManagement.com/contact