102 | Q&A: How Do I Know How Much Money I Will Need To Retire? Retirement Planning, Best Way To Save For Retirement, Retirement Investment Options, Retirement Savings Plan

Financial Coaching for Women: How To Budget, Manage Money, Pay Off Debt, Save Money, Paycheck Plans

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In this episode, we answer a question from a client about how to know the amount of money she needs for retirement. It's a great question to ask, the earlier the better.

We cover:

• Defining your retirement vision: You can't know how much you need until you know what you want!
• Retirement planning requires casting vision for your ideal post-work life.
• The need to consider personal preferences and goals for the next season of life.
• The importance of open communication with partners/spouses about shared retirement vision.
• How to create a retirement budget-- it's going to be different than your current budget! (think paid off mortgage, hobbies, travel, grandkids, etc!)
• How to use that budget to calculate your annual retirement expenses
• How to plan how much income you'll need in addition to any expected income
• How to use the 4% rule as a conservative guideline for sustainable withdrawals from your investments.
• How to get your magic retirement number that is a clear retirement savings goal.
• Here is another episode to listen to about retirement calculations.

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1️⃣ FREE CALL: Book your FREE 20-Minute Financial Coaching Call now! Get personalized advice and start your financial journey ➡︎ https://www.budgetbesties.com/freecall

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3️⃣ BUDGET: Grab our Signature Budget Template! It's your key to organizing and optimizing your finances effectively ➡︎ https://budgetbesties.com/budget

4️⃣ COACHING: Ready to dive deep into your finances? Sign up for 1-on-1 or Group Financial Coaching. It’s the accountability and guidance you need to make real progress ➡︎ https://budgetbesties.com/coaching

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