Solutions 4 Financial Independence: 08/16/18

Published: Aug. 13, 2018 at 8:34 AM EDT
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Question: I believe I am a successful professional making around a half million dollars a year and also have about $2 million in savings. Unfortunately I do not know if this is enough for me to retire. What should I do?

Answer (John Halterman, Beacon Wealth Management): "You came to the right place because there are a lot of people in your shoes. We get to that age, we are in our 50's and we are wondering 'Hey, do we have enough?' But I have to tell you this is the type of problem I solve every day. Successful people like yourself who had a good career and have done a lot of good things, but now you need to take it to the next level to determine is it enough?"

Question: How do you solve these problems?

Answer (John Halterman, Beacon Wealth Management): "I think the issue is you have to know the target. I always tell people, let’s start with the reasons you are living for. And what for means is what do you want to accomplish with your family? Are you wanting to pay someone’s education, maybe a child or grandchild? Do you want to leave an inheritance?

Your occupation, because your occupation goes from occupation to income, so you are saving. So you have to say what is the income amount that I want to live on each month? What am I planning on doing? Where is that money coming from?

And then the R stands for recreation or the quality of life. Now that you know, OK I want to accomplish these things with my family, I want this income in retirement, and these are some of my concerns, what is your quality of life? Sometimes people say to me I want $10,000 a month so I can just travel. Other times people say I want to buy an RV. Whatever it is.

But if you don’t know what you are shooting for, then there is no way to know if you’ve made it there are not. So that is the real issue. Once we know all of those things, all we have to do is do the calculations backwards and it is easy to dial-in. Call me, I will fix this problem for you easy."