Answering Your Questions: How Much Do I Need To Save To Retire By 60?
Are you dreaming of retiring by the age of 60? If you’re like Tony, a 50-year-old listener who recently wrote into our podcast, you might be wondering how you can save to achieve that goal.
The first step, according to Charles, is to create a comprehensive spending plan. While the term "budget" might make some people cringe, a spending plan is simply a roadmap for your finances. Start by listing all the things you’ll spend money on, from necessities to fun activities. Think about what you have to do, what you want to do, and what you dream of doing once you retire. This plan will give you a clearer picture of your future expenses. Once you have a spending plan, you can work backward to determine how much you need to save each month.
Tune in as Charles shares some other important factors you need to keep in mind when it comes to early retirement!
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Here’s some of what we discuss in this episode:
0:00 – Intro
0:31 – What are your expenses?
0:58 – How are you going to spend your time?
2:58 – Considering medical expenses
Have questions about any of the topics we covered in today's podcast? Reach out to me at 480-513-1830, or schedule a call via my calendar.