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How Much Do I Need to Retire?
Manage episode 430914995 series 3418897
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On this episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes COO & CMO Stacey McKinnon to discuss retirement planning. How much do people really need to retire comfortably?
Here are some key takeaways from their conversation:
- Over 55% of Americans feel behind in retirement planning.
- It is crucial to create a retirement plan custom to your lifestyle instead of taking generic advice from people who may have different standards than you.
- 65 is generally seen as the “right” time to retire. However, Stacey and Chris urge listeners to consider their financial readiness, health and life aspirations rather than defaulting to the traditional retirement age.
- Many people target age 65 for retirement to take advantage of Medicare, as it is cheaper than private insurance. But, the savings are around $5,000 to $6,000 annually, which may not make delaying retirement worth it for people who are financially prepared.
- Consider diversifying savings between personal savings, retirement accounts and home equity to avoid over-reliance on one source.
- In order to avoid over-sacrificing in the present, Stacey suggests thinking about other ways to fund your retirement, like selling a property, considering the inheritance you may receive from parents/guardians, etc.
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