Today's Hack

How do you know if you’re ready for retirement? Whether you plan to retire soon or years from now, taking this quiz will help you understand what you need to do to prepare.

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Show Notes For This Episode

Today’s Hack:

How do you know if you’re ready for retirement? Whether you plan to retire soon or years from now, taking this quiz will help you understand what you need to do to prepare.

Click the timestamps below to jump ahead in the episode…

Video Version:

Other Retirement Facts:

How prepared are you for retirement? This is one of those quizzes you don’t want to fail. On today’s episode of the podcast, we’ll go through five questions to find out. Ask yourself honestly as we go through these key questions to determine whether or not you are prepared.

Do you know how much you have when it comes to retirement? After changing jobs and perhaps spread out across a few different accounts, how much do you really have saved? Do you have accounts that never got rolled over after you left a job? What do you really have after taxes?

When it comes to spending, do you know how much you spend each month? You might think you do, but are you factoring in all of the little things that add up? What kind of grade would you give yourself when it comes to knowing your spending?

Are you aware of what kind of risk you are exposed to? Are you relying too heavily on target date funds without understanding the kind of risk they may carry? What happens when it’s time to retire and the market crashes?

What are you paying in fees? Beyond paying for an advisor, what are the fees inside your fund? If you don’t have a good understanding of what you pay in fees, talk with your advisor to find out what you are paying and what it’s for. 

Lastly, do you know what your retirement income streams are? Social Security only goes so far. Do you have a pension? What other income streams do you have? What do you need and where is it going to come from? Making these decisions wisely from the beginning will make a big difference later on.

Listen to the entire episode or click on the timestamps below to skip to a particular quiz question.

0:21 – Ready to take the quiz?

2:21 – Do you know how much you have?

5:35 – Do you know how much you spend?

7:37 – What is your risk?

9:59 – Do you know what you’re paying in fees?

11:46 – What are your retirement income streams?

Thanks for listening! We’ll be back with another episode next week.

A Quotable Moment:

Target date funds are probably one of the more dangerous vehicles to have in a portfolio because they are misunderstood. Nothing wrong with them, it’s just that people don’t truly understand what they are.

-Phil Putney

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