As you approach retirement with a well-funded portfolio, critical questions arise: "When can I retire?" and "How much can I spend?" For many, wealth accumulation has been the focus for years, but as retirement nears, it's crucial to shift toward planning how to turn those savings into a comfortable retirement. Take Tommy and Monica, a couple in their early 60s with a $2.2 million portfolio. After years of diligent saving, they realized they hadn't planned the specifics of their retirement. With annual incomes of $82,000 and $215,000, respectively, and no pensions, they initially thought they'd retire at 70 to maximize Social Security. However, they wanted to retire earlier to enjoy travel and other activities while still in good health. Their plan needed to consider healthcare costs, home maintenance, and vehicle replacements. By evaluating their assets and income, they found they could retire at 65 without sacrificing financial security. Planning helped them see they had the flexibility to retire earlier, spend more now, or continue working with increased lifestyle spending. For those nearing retirement, it's essential to move beyond saving and start planning how to live in retirement, ensuring your finances align with your lifestyle goals. ======================= Learn the tips & strategies to get the most out of life with your money. Get started today → https://www.rootfinancialpartners.com/ Get access to the retirement software I use in this video and more → https://retirement-planning-academy.mykajabi.com/rpa 🔔 Make sure to subscribe here to be notified for future videos! https://www.youtube.com/channel/UCBNdQfS-fzODmYb8Hkr4egA?sub_confirmation=1 _ _ 👥 Make sure to connect with us on all socials below → https://beacons.ai/rootfinancialpartners ⏱Timestamps:⏱ 0:00 - Meet Tommy and Monica 2:03 - Rethinking retirement age 3:59 - A look at income 5:18 - Retirement cash flows 8:27 - Total outflows 9:10 - Portfolio projection 11:50 - Options to achieve successful outcome 13:55 - Scaling back to live today 16:19 - Optimizing other areas Other videos we think you'll like: About Root: https://www.youtube.com/watch?v=ZPy7Qlmemy8&t=1s Worried about retirement? Start here: https://www.youtube.com/watch?v=c1dCo73XTw4&t=1s