Making Sense Of Cents

Learn how to make extra money, how to save money, how to start a blog, and more.

JOIN OVER 300,000
MONTHLY READERS!
  • HOME
  • BLOG
  • Make Money
    • best online jobs
    • passive income ideas
    • paid online surveys
    • How To Make $100 A Day
    • 80 side job ideas
    • More Extra Income Ideas
  • SAVE MONEY
    • Free Amazon Gift Cards
    • 16 Alternatives To Cable TV
    • best rewards credit cards
    • How I Paid Off My $40,000 Student Loans
    • More Money Tips
  • Categories
    • Income Reports
    • How To Save Money
    • Extra Income Ideas
    • Blogging Tips
    • Career Advice
    • College
    • Pay Off Debt
    • Retirement
    • Self-Employment Tips
    • Travel
  • BLOG COURSES
    • AFFILIATE MARKETING COURSE
    • MAKING SENSE OF SPONSORED POSTS
    • HOW TO START A BLOG
  • Contact
    • About
    • Contact
    • Advertise
    • Recommendations

Retirement Questions to Ask Yourself

Last Updated: December 8, 2014 BY Michelle Schroeder-Gardner - 1 Comment

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

1 shares
  • Facebook1
  • Twitter
  • Reddit
  • LinkedIn
  • Email

There are many questions to ask yourself when thinking about retirement. When will I retire, how much money do I need to feel safe, where will I live, what will my standard of living be?

Another big thing to keep in mind when thinking about retirement is that the average life expectancy keeps increasing. Instead of retiring at 65 and having enough to last you 20 years, a good idea is to have enough for 30 plus years. What if you live until you’re 105 years old, but only saved enough to last you until you’re 70 years old? That obviously will not work out!

It’s hard for me to think about retirement. I’m 23, so I still have a long time to go. But I do need to be constantly thinking about it, since of course retiring is a goal of mine.

This is my idea of a good retirement.

How much money will you need?
This is of course one of the biggest questions. I hope you all have somewhat of an idea of how much you need. I think last time I checked, I would need around $4.5 million in order to fully retire.

This all varies when you factor in a lot of different areas. Will your house be paid off? Do you plan on traveling extensively while in retirement? Do you have to pay for your health benefits?

Many think that they will need much less because most things will be paid off, but that’s not always the case. I’ve heard of people just planning on using 50% of their current income as what they’ll use when they retire! Usually 50% will not be enough, unless you are already only living on one salary (and it’s working for you).

When do you want to retire?
I would like to retire young. In order to do this, I need to start thinking of some ways for passive income in order to sustain me until I’m older (well until I die, to put it bluntly). I want to retire young so that I can experience and do everything while I’m still able to do everything.

How do you want to live?
Most people keep their same standard of living. It would be hard to live on less than what you’re used to, in order to make your money last. Will you travel to a bunch of places? Move closer to your family so that you can spend more time with them? Will you be a recluse or will you be trying a ton of new things?

Where do you want to live?
There are so many options out there. I would like to travel and live in other countries. Cost of living can be much lower in other countries, which could help you stretch your dollar much further.  I know Puerto Rico isn’t super far away, but when we went there on vacation last year, we met a lot of people who moved there and said that the cost of living is much cheaper, and that living on the beach there is very nice. This is something that we have definitely considered.

Do you want to travel, work part-time or relax?
I would like to say that I would retire and just stop working altogether, but I doubt that will happen. I’m sure I’ll travel in the beginning, but after that I would of course want something to fill my day. If not working at least a little bit (or having some passive income) then I would want to do something.

This could be volunteering also. I would love to dedicate my time to volunteering at many places such as shelters, food pantries, animal causes, and so on.

Have you thought about how you want to retire?
When? Where?

Related Posts

  • What Are Dividends & How Do They Work? A Beginner’s GuideWhat Are Dividends & How Do They Work? A Beginner’s Guide
  • What You Need To Know About Investing, Retirement Planning, and MoreWhat You Need To Know About Investing, Retirement Planning, and More
  • 13 Best Early Retirement Books – You NEED To Read These Books13 Best Early Retirement Books – You NEED To Read These Books
  • What Is Estate Planning? Do I Need To Do This?What Is Estate Planning? Do I Need To Do This?
  • How I Retired At Age 30 with $500,000How I Retired At Age 30 with $500,000
  • 9 Tips For Financial Success And Freedom – Take Control Of Your Money9 Tips For Financial Success And Freedom – Take Control Of Your Money
1 shares
  • Facebook1
  • Twitter
  • Reddit
  • LinkedIn
  • Email

1 Comment
Filed Under: Retirement Tagged With: Retirement

About Michelle Schroeder-Gardner

Michelle is the founder of Making Sense of Cents, a blog about personal finance and traveling. She discusses how her business has evolved in her side income series. She paid off $40,000 in student loans by the age of 24 mainly due to her freelancing side hustles. Click here to learn more about starting a blog!

Comments

  1. Jessica Lange says

    September 26, 2012 at 9:21 pm

    This can be very painful but aren't difficult to cure. Will both help kill off the bacteria.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Making Sense of Cents welcome page photo
Hello and welcome!
My name is Michelle and I'm the author/owner of Making Sense of Cents. Learning how to save money and make more money changed my life. It allowed me to pay off $40,000 in student loans, start my own business, and I now travel full-time.

As Seen On

as seen on
How To Start A Blog
making sense of affiliate marketing for bloggers
My Monthly Online Income Reports
My Student Loans Are Gone - How I Paid Off $38,000 In Student Loans
How To Prevent Financial Fraud From Happening To You
Buying a House at 20 (How I did it)
How To Make Money Blogging Picture
How To Save 50% Or More Of Your Income Picture
How I Graduated From College In 2.5 Years With 2 Degrees AND Saved $37,500
75+ Ways To Make Extra Money

 

HOME
ABOUT
CONTACT
FREE FB GROUP

PRIVACY POLICY
TERMS OF USE
DISCLAIMER / EARNINGS DISCLAIMER
Copyright © 2011 - 2022. All Rights Reserved.

© 2022 Making Sense of Cents
Design by Swoon & Co. Creative