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You've saved what you could, and one question may still keep you up at night: Have I done enough to retire?
According to Apryl Pope, founder and lead financial advisor at Pope Financial Planning, the answer has less to do with the number on your statement than most people think. Pope says retirement readiness isn't a number. It's knowing whether what you've built can support how you actually want to live.
Two people can have the exact same account balance, Pope says, and one can retire relaxed while the other stays worried. The reason is that having money and knowing how to use it are two completely different things. A confident retiree knows they can spend, knows where their income is coming from and understands what happens if the market drops. A worried retiree simply has a balance and is afraid to touch it.
That's why a real retirement plan should do more than tell you how to preserve your money, Pope says. It should give you permission to use it.
Even with $1.5 million in the bank, Pope says she wouldn't know whether someone is ready to retire. That number only shows what you've saved, not what your life costs. The real test of "enough," she says, goes beyond the figure on your statement.
The question isn't only whether you'll run out of money. It's whether you can actually use the money you worked so hard to build without being afraid to spend it. Pope says "enough" means you can sustain the life you want and have the confidence to actually live it.
To learn more about the services they offer, visit popefinancialplanning.com.
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