Early Retirement - Financial Freedom (Investing, Tax Planning, Retirement Strategy, Personal Finance) How To Determine How Much You Want To Spend In Retirement
Early retirement can be a big commitment, and it's important to make sure you have a good idea of how much money you'll need in order to support yourself.
You might think that you'll only have to pay for rent and food, but there are other things to consider as well. It's quite a bit easier to plan your expenses if you know what they are now and how they might change during retirement. For example,
- How many years do you have until you retire? If it's less than 10 years away, then your expenses should be lower than if it were 20 or 30 years away.
- Do you have any debts? If so, make sure those debts are paid off before retiring so they won't continue adding up interest charges after retiring from work.
- Are there expected annual expenses for any items that are annual like property taxes or car registration fees (if applicable)?
When you're planning for retirement, it's important to consider all of the expenses that will be coming your way. If you're retiring early and want to determine how much you should spend in retirement, listen to this episode. Retirement planning is important and can help you determine how much you want to spend in retirement
Also, I share tips and advice related to retirement strategy, investing, finance, personal finance and more on my YouTube. Check it out by clicking here!
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Ari Taublieb, CFP ®, MBA is the Chief Growth Officer of Root Financial Partners and a Fiduciary Financial Planner specializing in helping clients retire early with confidence.