Retire With Purpose - The Retirement Podcast 492: 3 Levels of Retirement Readiness: Where Do You Stand?
Apr 4, 2025
How ready are you for retirement? Discover the crucial differences between financial and non-financial readiness. Explore the importance of a solid income strategy and long-term care insurance. Learn how to assess your personal financial situation and prepare for changes ahead. This insightful discussion will guide you through the levels of retirement readiness and provide actionable advice to ensure a smoother transition into this exciting phase of life.
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Assess Your Retirement Readiness
- Gauge your retirement readiness on a scale of one to ten, considering both financial and non-financial aspects.
- Identify gaps in your preparation, regardless of your current level.
Financial vs. Non-Financial Preparedness
- Often, those most financially prepared are least prepared non-financially, and vice-versa.
- Consider both aspects when planning for retirement.
Level One: Basic Retirement Readiness
- Level one individuals often have savings but lack a clear retirement plan and don't know their target number.
- Determine your "number" to clarify your financial goals and assess if your current savings suffice.
