This is what people want to know…
When it comes to retirement people want to know the answer.
They want to know, “Am I okay?”
This is true for most, whether they have $500,000, $1,000,000, $5,000,000, or more.
The financial industry tends to answer the question with an investment return and withdraw percentage.
But this is more of an emotional question than a financial question.
The framework for the answer comes from understanding where you are now, what you are doing, and where you want to be and what you want to be doing – will you be okay?
Then, there are all those things that could happen, like the market dropping by 30% or more (which typically happens every 7 years), the income stops, cost of living goes up, taxes increase, and there is a major expense that is required.
The first step to answering the question begins with an honest answer to this question: “If you keep doing what you’re doing right now, will you be able to do all you want to confidence and peace of mind no matter what the future holds?”
You might rate your confidence level on a scale of zero to ten, with ten being absolute undoubtedly assured no matter what you’ll be okay and zero being destitute tomorrow.
So, where is your confidence level 0 to 10?
If you’re not sure, or if it’s not a 9 or 10, then you could probably benefit from an analysis of your present situation because there may be some income, investing, and tax minimization opportunities you might be missing.
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– Jeff Bezos
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