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  • Writer's pictureGalia Gichon

It’s Financial Independence Not Retirement

Updated: Feb 22, 2022

We realize you might be caught up in the Gamestop news. Stay tuned, we are writing an article about this to post next week. In the meantime, Woman’s Compass Forum starts TUESDAY 2/2 @ 12 pm EST! Don’t miss out. I’m teaching the first session! Sign up here. Can’t make all the webinars? Don’t worry they are recorded.

Evaluate your Lifestyle Creep

Yes. It’s a thing. I’ve seen it for more than 20 years, the more you make, the more you spend. If retirement is closer than later, consider buying less expensive cars, taking less expensive vacations, and spending consciously.

Put Downsizing on the Table

Your goal should be to have your mortgage paid off by the time you retire. At that point, can you cash out some of the equity in your home to downsize either your home or location?

Financial Independence

A client of mine recently said she loves what she does so much, she doesn’t want to retire and wants to keep working. I love her enthusiasm and admire her passion for her work. However, what if she gets sick? What is she changes her mind? We can’t forecast any of these things so saving for retirement just creates choices and gives us financial independence to make those choices. Have the choice to determine how you spend your time on YOUR OWN TERMS.

Income is not the Same as Savings There is a big difference between earning a lot of money and having a hefty retirement account. All that matters is how much you save of your income - regardless if low or high. Some of my best savers and financially independent clients have saved enough for retirement but have never made more than 5 figures!

Get the Numbers for Annual Savings for Your Independence. I do always go back to the numbers which you know if we’ve worked together or you’ve taken one of my workshops. No better way to illustrate how much to save than this example: Single Woman age 38 Earns $100,000 Saved $120,000 Currently saves $12,000/year Balanced Growth Investments She will have 66% of what she needs to retire at age 65 or $65,000/year.

If she retires at age 70 and saves $14,400/year, she will have 100% of what she needs! Most of us aren’t saving enough. Get the numbers and see what more you can do. Fidelity Retirement Score Tool Need help with your finances and more? Woman’s Compass Forum starts 2/2/21.

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