Discover the tips and strategies that will help you achieve your retirement goals.

I'm your host, James Canole, and this is the podcast dedicated to helping you retire well.

It all starts right here on Ready for Retirement. for retirement.

Hi, everyone, and welcome back to another episode of Ready for Retirement.

I'm your host, James Knoll.

On today's episode, we're going to talk about a question from a listener that blends both the financial side of retirement as well as the non-financial

side of retirement. And one thing that I'll talk about often, maybe not often enough, is that

retirement is not just a financial decision. There's very much the non-financial side of it as well.

And the question today I really like, because this question blends that in. So this question is from

Tanna, and Tanna says the following. She says, hello, James, I'm lucky to have found your podcast and I've

been listening since July this year. I find your podcast to be the most informative and enjoyable.

Thank you. She goes on to say, I am 56.5 plan to retire from my current employment of 24 years

in three years, at which point I'll be

59 and a half. My current salary is $180,000 per year. My current balance and my 403B is $1.3 million.

I made a switch from DC to DB, so defined contribution to defined benefit plan just last year,

and I'll have about a $450,000 lump sum,

plus a pension of about $900 per month when I retire. I also have a small pension of about $350

per month from a previous employer. I have no other retirement assets such as an IRA. I do have $180,000

in cash, which will likely be around $250,000 in three years. I will also be

able to cash in my unused sick time, which will be about $36,000 after tax. My social security

payment at full retirement age of $67 is $3,140 per month. I can live off of cash savings for about two and a half years. After taking

this much needed sabbatical from employment to do what I want to do, while I'm still able to enjoy

...