Retirement isn't defined by an age--it's defined by a number. How much money do you need to retire on your terms?
In this episode, Robyn and Erin discuss how to calculate your retirement number and how to add a cushion for lifestyle increases or expenses. If you're aiming for $60k a year over 25 years, then you need roughly $1.5 million (before accounting for inflation and investment growth.)
Should your current savings fall short, Robyn urges you not to panic. There are adjustments you can make to boost contributions, max out your retirement account, limit daily spending, and increase your income. It's okay if you have to tailor your plan to make retirement happen. The best tip is to talk to your financial advisor to make sure you're on track personally to retire on the timeline you want.
So whether your dream retirement looks like sailing across the Mediterranean, anchoring at a quiet lake house, or simply enjoying calmer seas close to home, remember there is no one-size-fits-all map. Your retirement journey is as unique as your destination, and the key is charting a course for you.
Every retirement has its own tide-just make sure you're the one steering the boat.
To listen to Sailing My Yacht to Retirement and other episodes, please click on the link. Law and Financial Order - Podcast - Apple Podcasts
*Erin Duques is not affiliated with Warner Wealth or LPL Financial.
**Robyn Wolcott, Warner Wealth and LPL Financial do not provide legal advice or services. This information is not intended to be a substitute for individualized legal advice. Please consult your legal advisor regarding your specific situation.