Ryan details what SRP likes to analyze to know if an individual is ready to retire!
Amount You Need to Retire
This is one of the top questions clients ask and one that many people want to know. The truth of it is, there are many factors that determine whether you have enough money to retire.
One of the major factors in determining if you can retire is how much money you spend each month, will it be the same in retirement? Another consideration is, what other assets do you have that will help you retire? This could mean what social security looks like for you, if you have a pension, do you own your home, rentals, royalties, and so on. Or do you just have an investment account?
The days of simply needing a million dollars to retire is no longer necessarily true. It comes down to all of these other factors we mentioned coming together to determine how much money you need to pull from your portfolio. Schedule a meeting with us at SRP if you want to know more about how you can do that.