070: Financial Planning: I Want To Retire

Jan 13

I'm retiring. At last, I can rest. And with enough financial security. Wouldn't that be a great feeling to say? Or does the thought of retiring terrify you? There always comes a time when it's time to think about retirement and as a business owner, to think about succession planning. So let's talk about what planning for retirement and your legacy looks like.

Have you thought about your retirement?

Think about what that would look like for you. Maybe you golf every day like Lori’s dad, Maybe you’re partially retired and do a fun part-time job. Maybe you travel the world. Maybe you live in a paid for home, or rent. Either way, in order to continue living to live when you’re retired, you need to think about it now and make a plan.

Pick where you think you’d want to retire
Know how much money it’ll take to support your lifestyle
Think about why it’s important to you.

When should you start planning for retirement?

Retirement is your opportunity to truly live free day to day. To invest in yourself and your hobbies. You can truly lean in to what inspires you everyday. So it’s important that you start planning for it as soon as you know what the word means. The more money you can save, invest, and grow, the more comfort you will feel when you decide to embrace the retirement lifestyle.

A resource that takes you through retirement much better than we can is a book called Retire Inspired, by Chris Hogan.

Do you own a business? What about succession planning?

One of these day you’re going to have to pass the torch, to hand over the Legacy and need to think about some things.

Look for people in your business you can train to take over the key roles in your business
How can you generate enough income to cover payroll each month and generate positive cash flow?

Both of these retirement situations, your own and succession planning for your business should be achieved througuh a smart money management approach. And of course, having no debt should be a goal of yours. No one loves to owe someone money! As a Dave Ramsey Endorsed Local Provider we understand and respect the teachings of Dave Ramsey’s 7 Baby Steps.

Baby Step 1: Save $1,000 for Your Starter Emergency Fund
Baby Step 2: Pay Off All Debt (Except the House) Using the Debt Snowball
Baby Step 3: Save 3–6 Months of Expenses in a Fully Funded Emergency Fund
Baby Step 4: Invest 15% of Your Household Income in Retirement
Baby Step 5: Save for Your Children’s College Fund
Baby Step 6: Pay Off Your Home Early
Baby Step 7: Build Wealth and Give

So what do you want to wake up an do everyday when you retire?

Pick one actioinable step you can take sto start your journey towards retirement.

As an Endorsed Local Provider, were Ramsey Trusted and we follow the wisdom of Dave Ramsey's Financial Planning advice. We mentioned Retire Inspired by Chris Hogan, so if you want to learn more check it out at https://www.ramseysolutions.com/retirement/riq. Or start your debt-free journey at https://www.ramseysolutions.com/.

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