A Google search about planning for retirement provides a plethora of articles. Most of which touch on the subject of that "magic number" that determines when you can retire happy. Here are a couple of the headlines:
- "How much do you need to retire happy? Wes Moss has your number" - Reuters (Aug. 5, 2014)
- "Million-dollar question: How much do you need to retire?" - CNBC (June 5, 2014)
- Is the Million-dollar question really how much money do I need to retire, or is it what will make my family and I happy in retirement?
The linked WSJ article talks about how retirement is not simply waking up one morning and doing something completely different. The article explains during our working years our careers become our identity and sense of purpose. As a result many retirees struggle with breaking up with their jobs.
Figuring out the magic number is important, but planning for retirement should start with rediscovering who you are, exploring who you want to be, and establishing a vision for your future.
Our clients here at HIGHLAND Financial Advisors understand that retirement is an emotional decision, and realizing your goals is the first step to understanding what is most important to you and your loved ones. So before you head straight to the online retirement calculators or your financial advisor to find out how much you need to retire, we hope you or your advisors asks the question, "What goals, aspirations, and plans do you have for your retirement?" What is it that you have always wanted to do? What have you saved your entire life for, exactly? Retiring is something you need to plan emotionally before you can plan financially.
Click here to read more on this important step to retiring, or click hereif you would like to learn more about our CERTIFIED FINANCIAL PLANNER™ professionals and how they help our clients with every stage of their financial lives.