Retirement Ready? Signs You’re On the Right Path or Headed Off Track
Sarah Padilla
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Retirement is something many of us push to the back of our minds. But what if I told you that taking a proactive approach now could set you up for a much more comfortable future? I’m here to guide you, step by step. Let’s break it down together and create a plan tailored to your goals and future.
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Here’s a checklist to figure out whether you’re cruising toward financial freedom or drifting off course—and what you can do right now to get back on track if needed.
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? You Have a Clear Target
Right Path: You know how much you need to retire comfortably, and you’ve mapped out the steps to get there.
Wrong Path: You’re just hoping things magically work out when you hit your retirement age.
To-Do: Use an online retirement calculator to set a realistic savings goal. Break it down into monthly contributions—small steps lead to big results.
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? Your Savings Are on Auto-Pilot
Right Path: You’re contributing consistently to your 401(k), IRA, or other investment accounts.
Wrong Path: Your contributions depend on what’s left over at the end of the month (spoiler alert: usually nothing).
To-Do: Automate your savings. Even bumping up your contribution by 1% can have a huge impact over time.
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? You’ve Got a Handle on Debt
Right Path: You’ve paid off or significantly reduced high-interest debts, and you’re living within your means.
Wrong Path: Credit card balances, personal loans, or lingering student debt are eating into your savings potential.
To-Do: Tackle debt strategically. The snowball method, where you pay off the smallest debts first to build momentum, is often effective. Pick your strategy and stay the course.
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? Your Investments Are Working for You
Right Path: Your investments are diversified and aligned with your goals.
Wrong Path: You’re sitting on cash or invested heavily in just one or two areas.
To-Do: Rebalance your portfolio at least annually. If investing feels overwhelming, consider talking to a financial advisor for guidance.
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? You’ve Got a Backup Plan
Right Path: You have 3-6 months of living expenses saved for emergencies.
Wrong Path: One unexpected bill could derail your financial goals.
To-Do: Start building your emergency fund today, even if it’s just $25 a week. It adds up fast.
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? You’ve Thought About Healthcare Costs
Right Path: You’ve factored in healthcare expenses, including long-term care.
Wrong Path: You’re assuming Medicare will cover everything (it won’t).
To-Do: Look into Health Savings Accounts (HSAs) if you’re eligible—they offer triple tax advantages.
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? Your Lifestyle Expectations Match Your Savings
Right Path: You have a realistic picture of how you want to live in retirement and are saving accordingly.
Wrong Path: You’re dreaming of beach vacations but saving like you’ll be spending weekends on the couch.
To-Do: Create a sample retirement budget to see how much you’ll really need.
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Final Thoughts
Look, nobody’s perfect—and you don’t have to be either. The key is to take small, consistent steps that will get you closer to the life you want. Retirement isn’t about quitting work; it’s about having the freedom to choose what you do with your time. And trust me, the work you put in now will be worth it.
Got questions about your finances or need a little guidance? I’m here for you—grab a free 30-minute chat to get started.
About Money Coach Sarah
As a passionate personal financial coach, I empower individuals to build healthier relationships with money and achieve financial freedom. Follow me on LinkedIn for more tips and insights.