Don’t get me wrong—those are critical questions. But retirement readiness goes beyond spreadsheets and simulations. It’s not just about whether you can retire it’s about why, when, and how you want to live the next phase of your life.

In this article, I want to shift the conversation and ask you five essential questions that go deeper than financial figures. These questions are designed to help you find the right balance between security and fulfillment.

1. Am I Trading Time for Money I May Never Use?

One of the most sobering moments in my career came from a client who worked tirelessly into his late 60s. He was driven by financial perfection he wanted to hit one more milestone, boost his portfolio just a little more. He finally retired… and passed away shortly afterward.

That experience shook me. It’s a reminder that time is a nonrenewable resource. Working longer can strengthen your retirement finances but at what cost? If you’re delaying retirement in pursuit of a few more percentage points, ask yourself: Am I sacrificing experiences I may never get back?

2. What Is the Cost of Working Longer on My Health?

By the time most people reach their early 60s, they’ve been through decades of stress, deadlines, raising kids, and juggling responsibilities. And it shows. Studies link prolonged work stress to higher risks of depression, heart disease, and stroke.

You can plan for a long retirement, but don’t forget to plan for a healthy one too. The longer you work, the more you may be chipping away at the healthiest years you’ve got left. I always ask clients: Are you extending your financial runway at the expense of your health span?

3. How Much Time Do I Really Have Left with the People I Care About?

Retirement isn’t just about not working it’s about living. And a big part of living is being with the people who matter most. Yet for many of us, work steals the bulk of our waking hours. Long commutes, late-night emails, weekend shifts—they all add up to lost moments.

Think about your aging parents, your grandkids, your friends who live across the country. How many more trips, birthdays, or holidays will you get with them? Retirement gives you back time but only if you take it.

4. Am I Planning for a Healthy Retirement Or Just a Long One?

There’s a big difference between life span and health span. Life span is how long you live. Health span is how long you stay energetic, active, and vibrant.

The first five years of retirement are often the best years to do the things you’ve always dreamed of: travel, take up new hobbies, spend quality time with grandkids. But if you wait too long, your body may not keep up with your bucket list. Don’t plan your retirement to begin after your best years plan it to include them.

5. Am I Letting Fear Delay a Financially Feasible Retirement?

I’ve seen it more times than I can count people who are financially ready to retire but just can’t bring themselves to do it. “Just one more year,” they say. But one becomes two, then five.

Yes, you need to be financially prepared. But sometimes we confuse preparation with perfection. If your plan is solid, your debts are low, and your income streams are in place, don’t let fear rob you of the time you’ve earned. The goal is not to die with the most money it’s to live with the most meaning.

Final Thoughts: Balance Is the Real Goal

If you’ve already asked yourself the classic financial questions what’s my savings target, what’s my withdrawal rate, when to take Social Security great. But now it’s time to ask yourself these five deeper questions.

Because the truth is, retirement readiness isn’t just about having enough money. It’s about having enough life left to enjoy it.

You should always consult a financial, tax, or legal professional familiar about your unique circumstances before making any financial decisions. This material is intended for educational purposes only. Nothing in this material constitutes a solicitation for the sale or purchase of any securities. Any mentioned rates of return are historical or hypothetical in nature and are not a guarantee of future returns.

Past performance does not guarantee future performance. Future returns may be lower or higher. Investments involve risk. Investment values will fluctuate with market conditions, and security positions, when sold, may be worth less or more than their original cost.

The post 5 Questions to Know If You’re Really Ready to Retire appeared first on ROI TV.

The Retirement Readiness Pop Quiz

1. What age do you plan to retire?

It sounds simple, but most people underestimate this. The average retirement age in the U.S. is 62, often not by choice.

2. How long will you live?

Consider current life expectancy: about 84 for men and 87 for women. A 65-year-old couple has a 50% chance one of them lives to 92.

3. How much annual income will you need?

Base it on lifestyle goals, not a vague percentage of pre-retirement income.

4. How much have you saved for retirement so far?

Roughly 46% of U.S. households have $0 saved. Where do you stand?

5. How much do you plan to spend annually in retirement?

Create a detailed budget, including discretionary and fixed expenses.

6. What are your sources of retirement income?

Include Social Security, pensions, rental income, annuities, and investment withdrawals.

7. When will you claim Social Security?

Claiming early at 62 reduces benefits permanently. Delaying increases them significantly.

8. What is your Social Security breakeven age?

This is the age when total lifetime benefits from claiming later surpass those from claiming early.

9. Are you coordinating benefits with your spouse?

Delaying the higher earner’s benefit can increase survivor income.

10. What is your retirement savings goal?

Fidelity suggests 10x your income by age 67. Is your number realistic?

11. What is your withdrawal strategy?

The 4% rule is a starting point. Will you withdraw the same amount each year, or adjust with the market?

12. What is your portfolio allocation?

Stocks vs. bonds? Domestic vs. international? Are you considering risk tolerance and time horizon?

13. Are you accounting for inflation?

With 3% inflation, $1 today will be worth $0.81 in 20 years.

14. Have you considered healthcare costs?

Fidelity estimates a 65-year-old couple may need $300,000 for out-of-pocket medical expenses.

15. Are you planning for long-term care?

Consider whether you want insurance or will self-insure. Long-term care can derail a retirement budget.

16. Have you created a tax plan?

Taxes can be your biggest expense in retirement. Are you strategically withdrawing from pre-tax and Roth accounts?

17. Are you prepared for required minimum distributions (RMDs)?

RMDs start at age 73 or 75, depending on your birth year, and apply to pre-tax accounts.

18. Do you have a written retirement plan?

Only 33% of workers do. A written plan increases confidence and retirement success.

Key Takeaways from Joe and Big Al

• Start early and save consistently $750/month from age 30 or $1,530/month from age 40 can grow to $1 million by retirement.
• Use Roth conversions while tax brackets remain low until 2026.
• Don’t underestimate healthcare or inflation plan ahead.
• Your investment vehicle matters less than your asset allocation.

Intended for educational purposes only. Opinions expressed are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Neither the information presented, nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Consult your financial professional before making any investment decisions. Opinions expressed are subject to change without notice.

IMPORTANT DISCLOSURES:

• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC. A Registered Investment Advisor.

• Pure Financial Advisors, LLC. does not offer tax or legal advice. Consult with a tax advisor or attorney regarding specific situations.

• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.

• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.

• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.

• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.

The post Retirement Pop Quiz: 18 Questions to Get You Ready to Retire appeared first on ROI TV.

So how can you close the gap? The first step is understanding how much you’ll need.

Calculate Your Retirement Shortfall

Joe Anderson and Alan Copeland walk viewers through a practical formula: subtract your fixed income (such as Social Security or a pension) from your desired annual spending. Multiply that shortfall by 25—or divide it by 4%—to determine the total savings needed. For example, if you need $75,000 per year and expect $50,000 from Social Security, you’ll need $625,000 saved to cover the difference.

Don’t let that number intimidate you. Even starting at age 40 with zero savings, you can get there by saving consistently and investing wisely. Saving $10,000 annually with a 6% return could hit your target by age 66.

Supercharge Your Savings

If you feel behind, you’re not alone—but there are ways to boost your efforts. Aim to save at least 15%–20% of your income. If you’re starting late, you may need to hit closer to 26% of gross income to replace 80% of your earnings in retirement.

Here are a few tactical tips:

• Max out your employer match.
• Set aside 50% of any bonuses.
• Automate your savings increases with every raise.
• Pay yourself first before spending on anything else.

Get Smart About Social Security

Timing your Social Security claim is one of the biggest levers you can pull. While you can start at age 62, doing so means locking in a permanent 30% reduction. Waiting until age 70, on the other hand, boosts your benefit by 8% per year past full retirement age—maximizing your lifetime income.

Joe and Alan also highlighted Social Security’s diminishing role as your income grows. For someone earning $15,000 annually, benefits may replace 80% of income. For those earning $150,000, the replacement rate drops to just 30%. In other words, the more you make, the less you can rely on Social Security alone.

Minimize Taxes in Retirement

Don’t underestimate the impact of taxes on your retirement income. Required minimum distributions (RMDs) from traditional accounts, plus the loss of common deductions in retirement, can push you into a higher tax bracket than you expected.

Alan emphasized the importance of tax diversification. Spreading your savings across tax-deferred (like traditional IRAs), taxable brokerage accounts, and tax-free Roth IRAs gives you more flexibility—and more control—over your tax bill.

Consider Roth Contributions and Conversions

Roth IRAs provide powerful benefits: tax-free growth and withdrawals. For 2025, you can contribute $7,000—or $8,000 if you’re over 50. And even if you can’t contribute directly, you can consider Roth conversions. Moving money from a traditional IRA to a Roth IRA means paying taxes now but avoiding potentially higher taxes later.

This strategy can be especially effective in the years between retirement and RMD age, when your taxable income is lower.

Define Your Retirement Vision

It’s not just about the numbers. Joe and Alan encourage writing down your retirement goals—when you want to retire, how much you plan to spend, and whether you plan to relocate or downsize. Studies show that those who write down their goals are far more likely to achieve them.

A good retirement plan includes:

• Savings benchmarks
• Social Security strategy
• Investment allocation
• Contingency planning for health care or unexpected expenses

Use the Right Tools

To help you get started, Your Money Your Wealth offers a free Retirement Readiness Guide. It’s packed with worksheets and step-by-step instructions to calculate how much you need, how to save, and how to draw income efficiently.

Whether you’re decades from retirement or staring it down in the next few years, planning now can ensure you retire with financial confidence.

Intended for educational purposes only. Opinions expressed are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Neither the information presented, nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Consult your financial professional before making any investment decisions. Opinions expressed are subject to change without notice.

IMPORTANT DISCLOSURES:

• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC. A Registered Investment Advisor.

• Pure Financial Advisors, LLC. does not offer tax or legal advice. Consult with a tax advisor or attorney regarding specific situations.

• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.

• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.

• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.

• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.

The post How to Catch Up on Retirement: Saving Smarter, Spending Wisely, and Planning Strategically appeared first on ROI TV.

The Retirement Report Card: Where Do You Stand?

Let’s start with the honest truth: most people are failing retirement readiness. Only 20% of people are doing okay, while 34% are borderline, 30% are at risk, and 20% are way off track.

That’s a wake-up call—but also an opportunity. If you know where you stand, you can take steps to fix it. And that starts with asking the right questions.

What You Need to Know (and Track)

You’ve probably heard the big questions before:

• How much do I need to save?
• Am I saving enough right now?
• When can I retire?
• What will my monthly expenses look like?

But here’s the thing—these aren’t just questions. They’re the foundation of your retirement strategy. And if your expense estimates are off or you’re not thinking about taxes, your whole plan can get derailed.

Taxes, especially, are a big deal in retirement. You might think you have $1 million saved, but how much of that will the IRS take? You need a tax strategy that protects your savings.

Setting the Right Targets

Savings goals should be based on what you want your retirement to look like. What are your annual expenses? What income sources will you have? Your net worth matters here—but remember, there’s a difference between liquid assets (like IRAs and 401(k)s) and personal assets (like your home or car).

Home equity is part of the equation, but unless you’re planning to downsize or take out a reverse mortgage, it’s not a spendable asset in most cases.

Overcoming Common Savings Challenges

Look, we get it—53% of people say they can’t afford to save more, and 19% say they don’t even know where to begin. The solution? Pay yourself first. Automate your savings. If your employer offers a match, take it. Increase your contribution every time you get a raise. Save your bonuses. Just start. You can’t afford not to.

How Does Your Generation Compare?

Here’s how average retirement savings break down by generation:

• Boomers: $400,000+
• Gen X: $200,000
• Millennials: $100,000
• Gen Z: $35,000

Given their ages, Millennials and Gen Z are doing surprisingly well—but there’s always room for improvement. Fidelity recommends having six times your annual salary saved by age 50, so benchmark yourself and make adjustments.

Boost Your Retirement Readiness

Want to boost your grade? Try this:

• Set a savings goal based on your target retirement age.
• Automate your savings.
• Take full advantage of employer matches.
• Cut back on big discretionary expenses (like new cars or luxury travel).
• Focus on consistency, not perfection.

Portfolio Construction: Diversify and Align

A solid retirement portfolio includes a mix of U.S. and international stocks, bonds, and short-term investments. Younger investors can lean more aggressively into equities, while those approaching retirement should take a more balanced, conservative approach.

The right mix depends on your goals, risk tolerance, and how much you need your investments to grow.

How Much Can You Safely Withdraw?

Let’s talk strategy. The general rule of thumb is a 4% withdrawal rate from your retirement portfolio to help your money last. But this can vary. More aggressive portfolios might allow you to withdraw 6% or 7%—but that also comes with higher risk. You could run out of money if the market turns against you.

Navigating Market Volatility: Rebalance, Don’t Panic

We got a great question from Cindy about adjusting portfolios during a market downturn. Our answer? Rebalance—don’t panic. Rebalancing is a smart way to keep your strategy on track by selling high and buying low.

Trying to time the market usually backfires. Stick with your long-term plan and make strategic adjustments—not emotional ones.

Final Thoughts

If you’re feeling like your retirement grade isn’t where it should be—don’t panic. The goal isn’t to be perfect. It’s to be prepared. A good plan considers your savings, expenses, taxes, and investments—and keeps adjusting as your life changes.

So go ahead—grade yourself. And if you’re coming up short, take one step today to improve your score.

Until next time,
Joe Anderson, CFP®
Co-Host of Your Money, Your Wealth

Intended for educational purposes only. Opinions expressed are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Neither the information presented, nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Consult your financial professional before making any investment decisions. Opinions expressed are subject to change without notice.

IMPORTANT DISCLOSURES:

• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC. A Registered Investment Advisor.

• Pure Financial Advisors, LLC. does not offer tax or legal advice. Consult with a tax advisor or attorney regarding specific situations.

• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.

• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.

• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.

• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.

The post Are You Retirement Ready? Here’s How to Grade Yourself and Improve appeared first on ROI TV.

Lisa and Mike’s Starting Point

Lisa, 60, and Mike, 58, came to Joe and Alan with concerns about their retirement readiness. They had worked hard to save $400,000 in a 401(k) and $60,000 in a brokerage account. Their combined income was $106,000, and their annual expenses amounted to $70,000. Like many others, they hoped Social Security benefits of $50,000 annually would bridge the gap. With plans to retire at 67, Lisa and Mike wanted to know if they were on the right track.

Running the Numbers with EASI

Joe and Alan introduced them to the EASI Retirement System. By entering details like income, current savings, home value, and expected expenses, the tool calculated their financial trajectory. The results were sobering—the software projected that their savings would be depleted by 2043 if no changes were made. This wake-up call highlighted the need for adjustments to secure their financial future.

Adjusting the Plan: Strategies for Success

The EASI tool didn’t just highlight the problem; it also guided Lisa and Mike toward actionable solutions:

1. Boosting Savings: Increasing their savings rate from 6% to 20% of their income significantly improved their financial outlook. While challenging, this adjustment ensured more robust retirement savings.
2. Extending Work Years: By delaying retirement by a few years, Lisa and Mike could increase their Social Security benefits and add to their savings. These extra working years made a significant difference in their financial projections.
3. Tax Diversification: Joe and Alan recommended shifting some savings into Roth IRAs to reduce future tax burdens. This strategy provided more flexibility and less taxable income in retirement.
4. Optimizing Investments: Adjusting their portfolio to balance growth with preservation of capital ensured their nest egg would last longer.

Addressing Potential Challenges

Retirement planning isn’t just about numbers; it’s about preparing for the unexpected:

• Healthcare Costs: Joe and Alan reminded Lisa and Mike to account for medical expenses, which a Fidelity study estimates at $315,000 for a couple from age 65 onward.
• Market Fluctuations: Maintaining a diversified portfolio helped them weather market ups and downs without derailing their plans.
• RMDs: Required minimum distributions (RMDs) at age 73 or 75 were factored into their plan to avoid tax surprises.

Why the EASI Retirement System Works

The EASI Retirement System provided Lisa and Mike with a clear, actionable roadmap. The tool’s strength lies in its ability to:

• Assess financial readiness with easy-to-understand metrics.
• Highlight gaps in savings and income.
• Offer tailored strategies to meet individual goals.

Conclusion

Lisa and Mike’s story demonstrates how the EASI Retirement System can transform uncertainty into confidence. By increasing savings, adjusting timelines, and diversifying investments, they turned a potential shortfall into a sustainable plan. Ready to take control of your retirement? Start your journey with the EASI Retirement System today and build the future you deserve.

YMYW

Intended for educational purposes only. Opinions expressed are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Neither the information presented, nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Consult your financial professional before making any investment decisions. Opinions expressed are subject to change without notice.

IMPORTANT DISCLOSURES:

• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC. A Registered Investment Advisor.

• Pure Financial Advisors, LLC. does not offer tax or legal advice. Consult with a tax advisor or attorney regarding specific situations.

• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.

• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.

• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.

• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.

The post EASI Retirement System: Lisa and Mike’s Path to Financial Security appeared first on ROI TV.

1. Retirement Readiness: Defining Goals and Building a Plan

One of the most important first steps in retirement planning is defining your retirement goals. Whether you envision a quiet life or want to travel the world, creating a plan that supports those goals is essential. Start by asking yourself:

• When do I want to retire?
• How much income will I need?
• What will my living expenses look like?

Once you’ve answered these questions, it’s time to consider how you’ll build up your savings and take into account income taxes in retirement. Tax-deferred accounts (like traditional IRAs), taxable accounts, and tax-free accounts (like Roth IRAs) all play different roles in retirement planning. By understanding how each works, you can create a diversified portfolio that balances your tax burden and maximizes your retirement income.

For those just starting out, following a retirement readiness guide or seeking help from a financial advisor can be a crucial step toward building a well-rounded plan.

2. Smart Savings Strategies to Prioritize Retirement

Saving for retirement doesn’t happen overnight, but there are actionable strategies that can help boost your retirement savings, regardless of your current financial position.

• Pay yourself first: Set aside a portion of your income for retirement savings before anything else.
• Maximize your employer match: Take advantage of any retirement account contributions your employer offers. This is essentially “free money” that boosts your overall savings.
• Save bonuses and raises: Commit to saving a portion of any bonuses or salary increases. Over time, this will significantly increase your retirement nest egg.
• Contribute to Roth and traditional IRAs: For 2024, the contribution limit for IRAs (traditional and Roth combined) is $7,000 (or $8,000 if you’re age 50 or older). Maxing out your contributions can significantly accelerate your savings.

These strategies will help you build the foundation of a strong retirement portfolio that grows steadily over time.

3. Tax Planning: Maximize Your Retirement Income

Taxes are often overlooked when planning for retirement, but they can significantly impact your total retirement income. One key consideration is your tax bracket in retirement—how much you’ll pay in taxes depends on which accounts you withdraw from and how much income you receive each year.

Roth IRA conversions are a popular strategy to help lower your tax burden. By converting traditional IRA funds to a Roth IRA, you can benefit from tax-free withdrawals in retirement. This strategy works particularly well if you expect your tax rate to be higher in the future.

Diversifying your accounts—tax-deferred, taxable, and tax-free—will help ensure tax efficiency throughout your retirement years. While it’s important to pay your fair share of taxes, you don’t want to overpay. Speak with a tax professional to evaluate your tax strategies and make sure your retirement savings are optimized for tax efficiency.

4. Understanding Social Security Benefits and Claiming Strategies

Social Security can provide an essential income stream during retirement, but many people don’t fully understand how to maximize their benefits. One of the key considerations is deciding when to claim Social Security. While you can begin claiming as early as age 62, waiting until full retirement age (usually 66 or 67) will increase your monthly benefit. Delaying until age 70 offers even greater benefits.

Additionally, it’s important to understand the tax implications of your Social Security benefits. Depending on your total income, a portion of your benefits could be taxable. By planning ahead and combining Social Security with other income sources like pensions or IRAs, you can reduce your tax liability.

If you’re married, consider spousal and survivor benefits as part of your retirement strategy. This can help ensure that both you and your spouse are covered financially, especially if one partner earns significantly more than the other.

5. Roth IRA Conversions: A Tax-Free Income Strategy

If you’re looking for a tax-efficient way to prepare for retirement, consider a Roth IRA conversion. This process allows you to transfer funds from a traditional IRA to a Roth IRA, converting taxable income into tax-free income in retirement.

However, timing is key when considering a Roth IRA conversion. If you expect your tax rate to be higher in retirement than it is now, converting funds to a Roth IRA could save you money in the long run. You’ll pay taxes on the amount you convert at your current tax rate, but after the conversion, your withdrawals in retirement will be tax-free.

It’s important to carefully evaluate both your current tax bracket and expected future tax bracket before deciding if a Roth conversion is the right move for you. Consulting with a financial professional can help you weigh the benefits and potential downsides of this strategy.

Conclusion: Steps to Take for a Secure Retirement

Being retirement-ready takes more than just saving money—it requires careful planning, tax efficiency, and maximizing income sources like Social Security. Here’s a summary of the next steps you can take to prepare:

• Develop a plan to save $10,000 a year to meet your retirement goals.
• Research and determine the best Social Security claiming strategy for your situation.
• Create a diversified portfolio that aims for a 6-7% return, balancing risk and growth.
• Establish a contingency plan for unexpected expenses or life events that could impact your savings.
• Optimize your tax strategy to reduce your tax burden and maximize savings, potentially through Roth IRA conversions.

By implementing these strategies and staying committed to your savings plan, you can enjoy a financially secure retirement and achieve your long-term goals.

IMPORTANT DISCLOSURES:

• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC. A Registered Investment Advisor.

• Pure Financial Advisors, LLC. does not offer tax or legal advice. Consult with a tax advisor or attorney regarding specific situations.

• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.

• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.

• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.

• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.

The post Retirement Readiness: Strategies to Boost Savings, Maximize Social Security, and Minimize Taxes appeared first on ROI TV.