RETIREMENT DECISIONS THAT ARE HARDER THAN THEY LOOK
HOW DO YOU KNOW WHEN
YOU HAVE ENOUGH TO RETIRE?
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Sandy Hornor | CEPS
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Tessa Hall
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About This Episode
How do you know when you truly have enough to retire? An account balance is important, but retirement readiness involves more than reaching a specific number.
In this episode of Healthy, Wealthy & Wise, Tessa Hall speaks with Sandy Hornor, Managing Director, Wealth Management & Executive Manager, about the financial and personal decisions that can help determine when you are ready to retire. They discuss why there is no universal retirement number, what Sandy looks for when someone is considering retirement, and why purpose and intentionality matter when preparing for life after work.
They also explore how experienced retirement planning can help people prepare for decisions they may not anticipate before entering retirement.
Discover how BWFA can help you plan for your financial future by visiting our Financial Planning page.
Frequently Asked Questions About Having Enough to Retire
How do you know when you have enough money to retire?
There is no single amount that determines whether everyone has enough to retire. Sandy explains that retirement readiness can be measured differently for each individual, based on factors such as account balance, desired annual income, age, or personal milestones. The financial plan ultimately needs to determine whether your available resources can support the retirement you are planning.
Is reaching your retirement number enough to know you are ready?
Not necessarily. The financial numbers matter because you need to be able to afford retirement, but Sandy emphasizes that a fulfilling retirement also involves purpose, intentionality, and preparation for how you will use your time. The transition can be significant after decades in which work provided structure and professional identity.
What should you think about before deciding to retire?
Consider both when you want to retire and what you want your retirement to look like. Sandy looks for intentional planning, such as having a timeframe in mind and thinking about travel, volunteering, or other ways you want to spend your time. Simply reaching a traditional retirement age does not necessarily mean someone has developed a retirement plan.
Can you have a large portfolio and still not be ready to retire?
Yes. A large portfolio can address the financial side of retirement without answering how someone will navigate the transition itself. Sandy explains that retirement planning can eventually involve decisions extending beyond investments and taxes, including housing, support needs, and other circumstances that arise as people age.
How can a financial advisor help you decide when to retire?
A financial advisor can help evaluate whether your resources support your retirement plans and prepare you for decisions you may not have encountered before. Sandy compares retirement to traveling an unfamiliar road: someone with experience can help identify potential challenges before you encounter them yourself.