Welcome back to the Dollar Wise Podcast. In this episode, Jason Gabrieli and Catherine Allen-Carlozo, both CERTIFIED FINANCIAL PLANNERS at HFM Investment Advisors, discuss the most loaded question they encounter: "How much do I need to retire?" This discussion unpacks the factors that influence the answer to this question, highlighting personal spending, lifestyle choices, and strategic financial planning. By exploring various scenarios and personal anecdotes, they offer a comprehensive look into tailoring retirement planning to individual needs.

Tune into this episode to also learn:

• Why retirement planning is highly personalized and varies significantly from one individual to another.
• The impact of personal spending and lifestyle choices on retirement needs.
• Strategic approaches to reduce overhead costs and enhance financial readiness for retirement.

What we discussed

• [00:01:01] The complexity of determining the necessary retirement savings.
• [00:03:43] Strategies to reduce overhead and prepare financially for retirement
• [00:06:22] Implications of early retirement and maintaining lifestyle with reduced income.
• [00:09:57] The importance of a detailed personal budget or spending plan when planning for retirement.

3 Things To Remember

1. Retirement needs are highly personalized—what works for one might not work for another.
2. Reducing monthly overhead can significantly impact the amount needed for a comfortable retirement.
3. A detailed and realistic spending plan is crucial for effective retirement planning.

Connect with Jason Gabrieli: | LinkedIn

Connect with Catherine Allen-Carlozo | LinkedIn

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