In this video, I cover a real-life client scenario. Rick and Sue, like many individuals approaching retirement age, found themselves at a crossroads. They were nearly at retirement, with a sizable portfolio of two and a half million dollars, yet felt uncertain. They had two questions: Can we retire? And if so, what would our future lifestyle look like?

Retirement planning isn't just about accumulating wealth; it's about understanding how much you can actually spend in retirement. And as their financial advisor, my role was to guide them through this introspective process, breaking down complex concepts into digestible steps.

We started by assessing their current spending habits. Rick and Sue had a rough estimate of $16,000 per month. As we dove deeper, it became clear that their envisioned retirement lifestyle might differ from their current spending patterns.

By meticulously analyzing their expenses we arrived at a more accurate depiction of their retirement needs. Some expenses, like mortgage payments and savings contributions, would diminish in retirement. Others, such as healthcare and leisure travel, would require adjustments.
With a refined understanding of their financial landscape, we brought them through projections and scenarios, unveiling the realities of their retirement prospects.

With the new information, we mapped out a path going forward for Rick and Sue. They realized that retirement was no longer a distant dream, but an attainable reality.

Rick and Sue’s story encapsulates an overlooked truth: Retirement planning is as much about introspection as it is about numbers. Carefully peeling back the layers of financial ambiguity can unearth a blueprint for your golden years—one built on informed decision-making.

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⏱Timestamps:⏱
0:00 - Rick and Sue’s situation
2:22 - Projected income and spending
5:17 - A snapshot of retirement flows
6:55 - James’ concern
9:43 - The good news
12:13 - A more realistic look at expenses
14:17 - High probability of success

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