Show 25 - When to start preparing to retire with Ms. Black
In this episode, I talk with Ms. Black about retirement planning for end of career teachers.
1/10/20241 min read
In the last 5-10 years of your teaching career it is time to get the details right of your retirement (note, if you just start thinking about retirement a year ot two before you want to retire, it might be a rude awakening!). Ms. Black and I dive deep into how you can be sure that you’re ready to retire, and if not, what you can do to get there.
Key Ideas
It is important first and foremost to know your numbers. How much does it cost to be you? Track your spending to know how much you spend in a month, multiple it by 12 to get your yearly spending, and then multiple that by 25 to get your “retirement number”.
Note: This number will change depending on other sources of income you have, such as a pension, social security, rental income, etc.
Take steps to make sure you will reach your retirement number by either increasing your retirement contributions, or reducing your expenses (reducing your retirement number).
If you need help we recommend a fee-only fiduciary Certified Financial Planner. This will ensure the advice you receive is in your best interest, not in the interest of your advisor.
Consistently check your benefits to see if you have more benefits that are added or other free resources to help you retire.