Blue Collar Wealth

Blue Collar Wealth

Presented by Stone House®

Presented by Stone House®

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084. How to Know When You're Truly Ready for Retirement 

In this episode of Blue Collar Wealth presented by Stone House®, join Bob Brown, CFP as he tackles the impact of inflation on retirement savings. He's here to help you understand inflation in simpler terms and share strategies that ensure retirees (like you!) can maintain their purchasing power. By the end of this episode, you’ll know how to keep making smart purchases and enjoy those retirement years without the financial headaches.  

#1. A Living List

Let's say you hang up your hat this coming Friday. No more work.  You’re officially RETIRED!  What do you do on Monday? On Tuesday? How about the next week or two? Sounds like an easy question, right? That's because we've all taken one-week vacations and we always find that we don't have enough time to do all the things we wanted to do on that one week vacation. But this is WAY different. We're talking about the rest of your life! 

So, sit down and think about what YOU want to do with your retirement and create your Living List. Having some sort of framework around the things you hope to do makes all the difference in the planning of your retirement.  

#2. Does the math work?

  • How much money or assets do you have saved up to fund whatever it is that you want to do in retirement?
  • ​How much do I have invested?
  • ​How will I begin drawing on that money?
  • ​How will I be taxed on that money?
  • ​What factors are out of my control?
This is the part where our Stone House Advisors roll up our sleeves and dive into helping you. To some people, this seems like a pretty simple process. But to others, it can be intimidating. 

#3. Are you ready?

There really needs to be at least one of two things happening in your life:
Something is pushing you out of where you work.
Something is pulling you into retirement.

Or both!

But what if you don’t have either of these happening in your life right now? What should you do? Well, we’re here to help guide you through any of these scenarios.

#4. Circle of Trust

There really needs to be at least one of two things happening in your life:
Something is pushing you out of where you work.
Something is pulling you into retirement.

Or both!

But what if you don’t have either of these happening in your life right now? What should you do? Well, we’re here to help guide you through any of these scenarios.
Your relationships will impact the way you retire. What does this mean? Well, let’s take a look at a real client, John.

He talked about how he retired a few years before his wife did.  She had no problem with it…but he did! He tells a funny story about how he used to feel ‘out of place’ around the house all day and when 3 o’clock rolled around, he found himself moving out to the garage and the work bench out there, to appear that he was doing things when his wife would come home.  He laughs about it now, but it used to frustrate him. He planned, he saved, he crunched his numbers.  Ultimately, he and his Advisor were confident he was ready to retire, financially. But he did not anticipate that it would take him about two years to actually settle into a retirement routine.
Watch John’s full video here:

We strongly encourage you to give some thought to those close to you. Are they working now? Will they continue to work, or will they retire around the same time as you?  How does all that play into your plans?     
If you can confidently check off these four items, you are probably finally ready to step into that next chapter of your life. 

At Stone House, we specialize in helping our clients build financial security and that priceless peace of mind that allows for greater happiness in retirement. Request an appointment with a Stone House Advisor below to get started.   

Thanks for watching! 

We’ll be back next week with a new episode. See you then!  

Request an Appointment to Speak with an Advisor Today!

Blue Collar Wealth Presented by Stone House® Video Archive

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