Date Night Club (September 2019):
Cracking Open Your Retirement Nest Egg
Let's start with an icebreaker question ...
If you could retire tomorrow (and money was no issue), how would you spend your time?
MONTHLY BUDGET CHECK-IN
Did you stay on track this month?
Did any surprises come up - positive or negative?
Did the way you used your money align with your values?
If you got off track, what's 1-2 steps you can each take to get back on track again?
Check out this video about the importance of saving for retirement at any age ...
Let’s Take Stock of Where You Are
Take a look at each of your retirement accounts and see …
How much do I have?
How much am I contributing? How much is my employer contributing?
How is the account invested?
Is it a pre-tax or post-tax retirement account?
BONUS: How much am I paying in fees for this investment?
Let’s Imagine Where You Would Like to Be
Discuss together, what retirement might look like for you and how you’ll get there. Still feels light years away? Just give yourself an estimate …
When would you like to retire?
Will you need more income, less income, or about the same amount as you have today? Generally, people need to replace 85% of their income in retirement – but it varies from person to person depending on what retirement looks like to them.
How conservatively or aggressively do you want to invest? Not sure, check out this Nerdwallet article and use their risk tolerance questionnaire.
Are You On Track?
Where are the gaps between where you are and where you would like to be?
Check out this week's blog post to see some benchmarks that you can use to see if you're on track.
ACTIVITY
If you’re not on track, decide on one step you’ll take in the next month to move yourselves in the right direction. If you are on track, high-five – way to have this financial goal locked in!
See? That wasn't as hard as you thought!
Have other retirement questions I didn't address? Send me an email at: grace@classyfrugalist.com and let me know where you’re getting stuck.