Ask Paula: How Do I Know If Im Ready to Retire?

Published: Aug. 2, 2021, 2 p.m.

#330: Linda is 58 and wondering how to account for her Social Security benefits when thinking through the 25x expenditure equation. Her expected expenses are $100,000 - $150,000. How can she figure out if she\u2019s ready to retire?\nAlise has dreamed of living abroad for long periods of time and wants to buy a property in Portugal before the minimum spend requirement increases. Should she go through with this, or is there another way to gain dual citizenship or travel abroad for long periods of time?\nAn anonymous lawyer from Colorado has $250,000 in a SEP-IRA account that\u2019s invested in mutual funds with fees ranging from 0.61 percent to 1.06 percent. Fees on these funds are projected at $200,000 over the next 20 years. Should he and can he transfer these funds to another SEP-IRA account? What are the consequences of doing that?\nMr. Man is eligible to retire with a full pension, health benefits, and social security at age 48. He has 20 years to go. Should he include his pension and social security benefits in his financial independence plan, or think of them as extras?\nFormer financial planner Joe Saul-Sehy joins me to answer more of your questions.\nDo you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we\u2019ll answer them in a future episode.\nFor more information, visit the show notes at https://affordanything.com/episode330\nLearn more about your ad choices. Visit podcastchoices.com/adchoices