?? Are You Ready to Retire? ???

One Year to Go! ?

As you approach retirement, it’s essential to ask yourself: Do I have enough? Planning for a lifetime of income isn’t something to leave until the last minute; it’s a lifelong process that evolves with you. ??

Track Your Spending ??

Awareness of your spending is a crucial piece of the retirement planning puzzle. While it's hard to predict exact expenses, you can create a reliable estimate.

Here’s How:

1. Track Your Spending: For one month, record all your expenses—healthcare, utilities, groceries, gas, dining out, etc. ??
2. Calculate Yearly Expenses: Multiply your monthly total by 12 for an annual estimate.

Estimating Your Needs ??

Once you have your yearly expenses, you can determine how much you’ll need to retire comfortably.

The 4% Rule ??

• This rule helps you figure out how much you can withdraw from your portfolio without running out of money.

Example:

• Estimated Yearly Expenses: $100,000
• Amount Needed at Retirement: $2,500,000 (calculated as $100,000 divided by 4%).

This means if you have a $2,500,000 nest egg, you can safely spend about $100,000 each year! ??

Consider the Variables ??

While the 4% rule is a good starting point, remember there are many factors to consider:

• Age at Retirement
• Healthcare Needs
• Social Security
• Pension Income

Retirement planning is not one-size-fits-all, and it’s always better to be over-prepared than to hope for the best! ??

Stay Informed! ??

For personalized advice, consider consulting a financial advisor. Your future self will thank you! ??glassfinancialadvisors.com