Key to a Successful Retirement
More than Money with Gene Dickison Answers:
“I want to retire, but I’m not sure I’m in a sound enough position to pull it off. If there an easy way to know if I can retire and not run out of money?”
It depends . . .
. . . on your answers to a couple simple questions:
The most important question you must answer – and the one the will drive all other retirement answers – is, “What do I spend each month to maintain a happy, safe, and secure life?”
If you know what you’ll need in retirement, the next simple question is, “What income can I count on?” You might include social security payments, pensions, annuity benefits, rentals, and other dependable sources of income.
If you discover your income is higher than your expenses – congratulations, you’re retired. If not we have another question for you, “Do I have enough saved to generate the income I need to cover the gap?” You might need a little professional assistance to determine what income you could/should expect from your savings.
With a little homework and answers to these simple questions you should be able to make a very confident retirement decision.
What are your answers to these retirement questions?