How to Know When You Should Stop Saving for Retirement (and What to Do Next)

Ready For Retirement

Drew, a burnt-out, financially responsible 40-something father of two, hopes he can scale back from his stressful job and still be okay when it’s time to retire. James offers a practical and philosophical take as he tackles Drew’s question. He demonstrates how to determine when Drew and his wife will be in a good position to fully retire. He also challenges listeners to assess their spending and saving habits and to strike a balance between planning for an unknown future while still finding fulfillment, freedom, and purpose today.
Questions answered:
How can I determine if I can stop saving for retirement?
What introspective questions should I ask now to help me live well pre- and post-retirement?
Timestamps:
0:00 - Drew’s question
2:07 - Two mindsets
6:08 - Assess current and future needs
7:33 - Projection exercise
11:28 - Working backwards
14:50 - Working 10 more years
18:21 - Back to the initial question
19:47 - Considering growth rate
21:38 - A philosophical question
23:52 - 3 Levers
26:07 - Check spending/saving habits

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Chapters

1. Balancing Saving and Enjoying Life (00:00:00)

2. Planning for Future Retirement Income (00:06:53)

3. Retirement Planning and Financial Priorities (00:18:26)

4. Navigating the Trade-Offs of Financial Planning (00:25:01)

5. Financial Disclaimer for Podcast Listeners (00:30:24)