170. How much money do you need to retire?

On this episode of A Wiser Retirement™ Podcast, Casey Smith, Missie Beach, CFP®, CDFA®, and Michaela Laney, discuss retirement planning and demystify the "right amount of money to retire" expectation.

How much money do you really need to retire comfortably? It's a tough question to answer, and the truth is, there isn't a one-size-fits-all solution. Join us in this episode as we explore the factors determining each individual's unique retirement needs, why online retirement calculators can't provide a blanket response, and how evaluating your expenses and time left before retirement can clarify your financial planning.

We also dive into financial strategies to help you achieve your retirement goals, such as freeing up cash flow and saving mortgage interest. Learn how to use the mortgage payoff calculator to maximize the benefits of low mortgage rates and ensure you have a solid emergency reserve in place. Plus, discover the critical importance of maintaining two years' worth of expenses in a cash account during retirement.

Finally, we break down the 4% rule as a starting point in calculating your retirement needs, taking into account expenses, income sources, and taxes. Unveil the impact of inflation and learn how to properly account for it, as well as the importance of grossing up for taxes when using the 4% rule. Listen in as we share our insights on using conservative numbers and considering various factors such as market performance when planning for your golden years.

Podcast Episodes Referenced:
- Ep 158: How much can you spend in retirement?
- Ep 115: What Could Happen if You Don’t Prepare for Retirement

YouTube Videos Referenced:
-  How much money is enough to retire?

Other Links:
- https://wiserinvestor.com/mortgage-payoff-calculator/
- https://wiserinvestor.com/budget-calculator/ 

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This podcast was produced by Wiser Wealth Management. Thanks for listening!