Do You Have Enough?

This must be the most asked question in the world for those beginning the retirement adventure.  The answer almost always is, “Well you could have more, but you’re fine, just go do it.”

I participate regularly in a very active Early Retirement discussion group here:

You’ll see many people with a few hundred thousand in assets and even those with 7 figure net worths agonizing over the question.  then, there are folks like me who basically have nothing but a couple pensions and have pulled the pin years ago and only regret that I didn’t leave that mind-numbing job sooner.

But you mustn’t make a completely uniformed decision.  And you mustn’t wait until “later” because later is _now_.  If your news is good, you’ll feel that much better.  If your news is that you need to take action and build the nest egg a little bigger, every hours, day, week month and year that goes by without action on your part will only make things worse … it won’t get better on its own, you know.  Here’s a great resource article with links to many planners and estimators.  As the article says;

Studies have shown that the very act of planning can improve the odds of financial success. Start by pulling together financial information: your latest 401(k) and bank statements, your estimated Social Security benefit (visit and your projected pension payout if you’re fortunate enough to have one. (Ask your benefits office to run the numbers.)

And here’s a final thought I have to share with my FERS and CSRS government brethren.  Do not forget the fact that you actually get a raise to retire. 

  • No more contributions to the retirement fund: _____________
  • No more commuting costs:                                 _____________
  • No more expenses for office clothes:                ______________
  • No more lunches out (unless you want to):       ______________
  • No more union or professional association fees:______________
  • No more gifts, office solicitations:                     ______________
  • No more Medicare deductions:                          ______________
  • What else will you not have to pay?                   ______________
  • Total in your pocket just to quit working:         ______________

Do the math and have a great retirement.  I sure am loving mine.

Be the first to comment

Leave a Reply

Your email address will not be published.