We've reached the point in our process, finally, where it's time to crunch some numbers. But if we hadn't done all of our prep and testing in our previous steps and episodes, this would be a futile exercise.
Write down every aspect of your Current Life and your Final Choice, side by side, on 2 columns of a piece of paper.
Subtract the difference between your totals.
Divide that difference by your current life total. That's how close you are to the life you're looking for in retirement.
Many people will find that total to be less than 30, or even 20 percent. Turns out, you may be a lot closer to living out your Final Choice than you thought! Most people could retire now, or make a few changes to do so.
But if you want to be thorough, you need to run the numbers through the extensive calculus used by a financial planner. A Monte Carlo simulation will take into account all of the different variables of both market conditions and your individual situation. Essentially it's like "The Price is Right." You want to get as close to perfect, without going "over," i.e. running out of money before you die.
Finally, consider a "Gap Year." You may have heard of high school graduates taking a year off before college. The same can apply before retirement. Take a year off and try to live the life you love. If it works, you've succeeded. If it doesn't, you've minimized your risk.
For more information on Zurich Awes, reach him at https://www.zurichawes.com/
Or Call him at (763) 577-1900