Are You Really Ready to Retire? The Questions You Need to Ask First

In this episode of Empty Nest Full Pockets, Matt Meline and Will Schroeder tackle one of the biggest questions facing anyone approaching retirement: Just because you can retire, does that mean you should? For many people, retirement represents freedom—the moment they've been working toward for decades. But before pulling the trigger, there are some important questions to answer. Do you know what you're actually spending each month? Have you tested what it feels like to live on your retirement income? Is your tax strategy ready for the transition? And does your spouse picture retirement the same way you do? Matt and Will explore why retirement planning isn't just about reaching a certain number in your investment accounts. It's about understanding the tradeoffs, preparing for unexpected expenses, and making sure your financial plan supports the life you actually want to live. They also discuss the importance of test-driving retirement before making it permanent. That could mean taking a sabbatical, experimenting with a different monthly spending level, taking more time away from work, or simply practicing what life might look like when your career is no longer filling your calendar. From knowing your real monthly income needs to preparing for taxes and future required minimum distributions, this episode offers practical questions to help you determine whether you're truly ready for your next chapter. Empty Nest Full Pockets: How to Emotionally and Financially Prepare for Your Family's Future As your children prepare for their next chapter, it's time to prepare for yours. In Empty Nest Full Pockets, Matt Meline offers practical guidance for navigating the emotional and financial realities of becoming an empty nester, including college planning, retirement preparation, housing decisions, family relationships, and creating a meaningful future after the kids leave home. Learn how to build financial confidence while embracing the opportunities that come with this new season of life. Get your copy here: PrairieFire Wealth book page Episode Topics Covered Can You Retire vs. Should You Retire? Understanding the Tradeoffs of Retirement Why Knowing Your Real Monthly Spending Matters How to Find Your Actual Retirement Income Number Creating a Retirement Spending Range Preparing for Unexpected Expenses Why Retirement Spending Can Be Higher Than Expected Test-Driving Retirement Before You Commit Taking a Sabbatical or Practicing Time Away From Work Getting Comfortable With Taking Money Out Instead of Saving Preparing for the Emotional Side of Leaving Work The Importance of Community, Purpose, and Mental Stimulation Avoiding Retirement Regret and Unexpected Surprises Why Your Tax Plan Needs to Be Ready Understanding the Tax Treatment of Your Retirement Accounts Taxable Assets, Roth Conversions, and Future RMDs Preparing for the Tax Impact of Retirement Income Making Sure Your Spouse Shares Your Vision for Retirement Building a Retirement Plan Around the Life You Actually Want — I sincerely appreciate your support. Thank you for being a part of our podcast journey. If you haven't already, please subscribe to stay updated with the latest episodes. Your subscription means the world to me! Want to dive deeper into the 59½ Rebellion? Check out our 59½ Rebellion playlist on YouTube for more conversations, insights, and practical guidance on making the most of the years leading up to retirement. I’d love to hear from you; here are some ways to connect: Web: https://www.prairiefirewealth.com/ Email: [email protected] Get a copy of my book: Empty Nest, Full Pockets: How to Emotionally and Financially Prepare for Your Family’s Future at https://amzn.to/3PovUWM