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23: Calculate Your Retirement Number + Make a Retirement Plan

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Even if you can’t imagine a time when you wouldn’t want to be working in some capacity, you should still plan for a time when you might want to relax. Retirement doesn’t have to mean you don’t work, it just means you’ll have the time freedom and financial freedom for work to be optional. In this episode, I’m covering the basics of how to calculate how much you need to save for retirement so you can make a strong retirement plan - and start executing on it ASAP.

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Key takeaways from the episode:

  • First, ask yourself some essential questions: When do you want to retire? What is your net worth goal, and what’s the cash flow you need to cover your annual living expenses in retirement? What mix of assets do you want?

  • There are a few ways to calculate your retirement number. I have a free retirement calculator training you can watch, but there are also retirement schedules you can find online based on your age and annual cash flow goal. You can also follow the 4% rule, which I explain in this episode.

  • Until you have $1 million in assets… you do not need a financial planner. Most “financial planners” before that level are just life insurance sales people. You need someone who’s invested in your overall well being and not pushing a product on you.

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Resources mentioned in this episode:

I’m Sarah Young - a CPA, Virtual CFO, and the Owner of Young + Co! I have over a decade of experience in helping entrepreneurs scale their businesses and build wealth at the 6- and 7-figure levels, and I started the Profit + Prosper podcast to help you do the same. Profit + Prosper is a business finance podcast created to help entrepreneurs build their wealth in a way that’s fun and empowering. This is NOT a boring numbers podcast - I will share tactical tips to increase your profit so you can truly prosper in your business and in life. I hope you’ll subscribe so we can Profit + Prosper together!

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