How Much Money Do You Really Need to Retire?
Your Retirement Number Depends on Your Life — Not Someone Else's Target.
HEALTHWEALTHINCOMEMONEYFAITHFINANCESLIFE AFTER 50PURPOSEINNER STRENGTH
Coach Marcus Jones
10/16/202616 min read
How Much Money Do You Really Need to Retire?
Your Retirement Number Depends on Your Life — Not Someone Else's Target.
By Coach Marcus Jones
There is one question I hear people ask when they start thinking seriously about retirement.
"How much money do I really need?"
Is it:
$500,000?
$1 million?
$2 million?
Or even more?
You've probably seen the headlines.
"You need a million dollars to retire comfortably."
"Two million is the new one million."
"Most Americans aren't saving enough for retirement."
And if you're already over 50, those headlines can create some serious anxiety.
Especially if you look at your retirement accounts and realize you haven't accumulated the amount somebody on television says you should have.
But here's something I want you to understand.
THERE IS NO SINGLE RETIREMENT NUMBER THAT WORKS FOR EVERYBODY.
Someone who needs $3,000 per month to maintain their lifestyle has different financial requirements than someone who needs $10,000 per month.
Someone receiving a substantial pension has different needs than someone depending entirely on personal savings.
Someone retiring at 55 may need their investments to last significantly longer than someone retiring at 70.
And someone with a paid-off home may have a very different monthly budget than someone carrying a large mortgage.
That's why I believe the retirement conversation needs to change.
Instead of asking:
"How much money does everybody say I need?"
Start asking:
"HOW MUCH MONEY WILL I NEED TO SUPPORT THE LIFE I WANT TO LIVE?"
Because retirement isn't supposed to be a competition.
It's supposed to be a plan.
And that plan should be based on your circumstances, your goals, your income sources, your health, and the lifestyle you want to enjoy.
Yesterday, we discussed what financial freedom really means after 50.
Today, we're going to take that conversation a step further.
We're going to look at the numbers.
Not to frighten you.
Not to convince you that retirement is impossible.
But to help you understand how retirement planning actually works.
Because here's what I've learned.
YOU DON'T NEED TO GUESS ABOUT YOUR RETIREMENT.
YOU NEED TO START DOING THE MATH.
IN THIS ARTICLE
Why there is no universal retirement savings number
The difference between retirement savings and retirement income
How to estimate your retirement expenses
Why your current salary isn't your retirement target
How Social Security affects the amount you need
How pensions and other income sources fit into the calculation
What the 4% withdrawal guideline actually means
Why the 4% rule isn't a guarantee
How retirement age changes your financial needs
Why retiring at 55 is different from retiring at 67
How inflation affects long-term retirement spending
Why healthcare expenses deserve special attention
How debt changes your retirement number
Why taxes matter when calculating retirement income
How to think about dividends and investment income
What happens when the stock market declines after retirement
Why part-time work may change the equation
Common retirement planning mistakes
The Coach Marcus Retirement Readiness Framework
A practical 90-day retirement preparation challenge
QUICK ANSWER: HOW MUCH MONEY DO YOU NEED TO RETIRE?
The amount you need depends primarily on five questions.
1. How much will you spend each month?
2. How much reliable income will you receive without working?
3. How many years might your retirement need to last?
4. What investment risks and unexpected expenses must your plan withstand?
5. What lifestyle do you actually want?
A simple starting calculation is:
Annual retirement expenses − Annual reliable retirement income = Annual amount your savings must support.
For example:
If you expect to spend $60,000 annually and receive $24,000 from Social Security and other reliable sources, your savings must support approximately $36,000 annually.
At a hypothetical 4% initial portfolio withdrawal rate, that suggests an initial portfolio of approximately $900,000.
But that isn't a guaranteed target.
A lower withdrawal rate would require a larger portfolio.
A higher rate would require less initially, but could increase the risk of exhausting your savings.
And taxes, healthcare costs, inflation, market returns, retirement length, and your investment mix can materially change the result.
The important point is this:
YOUR RETIREMENT NUMBER STARTS WITH YOUR EXPENSES — NOT A RANDOM MILLION-DOLLAR GOAL.
1. STOP BELIEVING EVERYBODY NEEDS THE SAME AMOUNT TO RETIRE
Let's begin with a simple example.
Imagine two households preparing for retirement.
Household A
Owns a paid-off home.
Has no consumer debt.
Expects to spend $4,000 per month.
Will receive $3,000 per month in Social Security and pension income.
Household B
Has a substantial mortgage.
Carries vehicle and other debt payments.
Expects to spend $9,000 per month.
Will receive $3,000 per month in Social Security and pension income.
Both households receive the same amount of reliable retirement income.
But their remaining financial needs are very different.
Household A needs another $1,000 per month.
That's $12,000 annually.
Household B needs another $6,000 per month.
That's $72,000 annually.
Using a simplified 4% initial withdrawal assumption:
Household A would need approximately $300,000 invested to support its gap.
Household B would need approximately $1.8 million.
That's an enormous difference.
And it has very little to do with how impressive either household's lifestyle looks.
It comes down to the amount of money they need to maintain that lifestyle.
These figures are hypothetical illustrations, not personalized retirement recommendations.
THE MORE YOUR LIFESTYLE COSTS, THE MORE INCOME YOUR RETIREMENT PLAN MUST PROVIDE.
That's why controlling expenses can be just as important as accumulating investments.
2. YOUR RETIREMENT NUMBER IS NOT YOUR CURRENT SALARY
This is a common source of confusion.
Someone earns $100,000 annually.
They assume they need to replace every dollar of that salary when they retire.
But that may not be necessary.
Your current income and your current spending are not the same thing.
Some of your income may currently go toward:
Retirement contributions.
Payroll taxes.
Commuting.
Work clothing.
Professional expenses.
Debt payments.
Other costs that may change when you retire.
On the other hand, retirement may introduce additional expenses.
Travel.
Hobbies.
Healthcare.
Home maintenance.
Family support.
And activities you didn't have time for while working.
DON'T ASSUME YOUR RETIREMENT EXPENSES WILL AUTOMATICALLY BE LOWER.
They might be.
But they could also be higher during certain periods.
A better approach is to build a realistic retirement budget.
Not simply apply a percentage to your current salary and hope it works.
3. START WITH YOUR ACTUAL MONTHLY EXPENSES
Before you calculate your retirement savings target, determine what your lifestyle costs.
I recommend looking at the last 12 months of spending when possible.
That helps you capture expenses that don't occur every month.
For example:
Property taxes.
Insurance premiums.
Vehicle repairs.
Home maintenance.
Medical bills.
Holiday spending.
Travel.
And other occasional costs.
Separate your spending into two categories.
ESSENTIAL EXPENSES
These are expenses necessary to maintain your basic lifestyle.
Housing.
Utilities.
Groceries.
Insurance.
Transportation.
Healthcare.
Taxes.
Essential household needs.
DISCRETIONARY EXPENSES
These are expenses that provide additional enjoyment and flexibility.
Travel.
Dining out.
Entertainment.
Hobbies.
Gifts.
Upgrades.
Other optional spending.
Both categories matter.
Retirement should be about living, not merely surviving.
But separating them helps you understand which expenses you could adjust if your financial circumstances change.
KNOW WHAT YOU MUST SPEND.
THEN DECIDE WHAT YOU WANT TO SPEND.
That's the beginning of a realistic retirement plan.
4. BUILD THREE DIFFERENT RETIREMENT BUDGETS
I like the idea of developing three retirement scenarios.
Not because you need three completely separate plans.
But because it helps you understand your choices.
THE ESSENTIAL LIFESTYLE
What would it cost to maintain a safe, stable, reasonably comfortable lifestyle?
Housing.
Food.
Healthcare.
Transportation.
Utilities.
Necessary expenses.
THE COMFORTABLE LIFESTYLE
What would it cost to maintain your essentials while also enjoying regular discretionary activities?
Dining out.
Travel.
Hobbies.
Entertainment.
Family experiences.
THE IDEAL LIFESTYLE
What would it cost to live the retirement lifestyle you would truly enjoy if your financial resources allowed it?
Perhaps more travel.
A second residence.
Additional family experiences.
Greater charitable giving.
Or more freedom to pursue personal interests.
Here's the important part.
YOUR IDEAL RETIREMENT IS A GOAL.
YOUR ESSENTIAL RETIREMENT IS A FOUNDATION.
Knowing both numbers gives you flexibility.
And it can help you avoid treating retirement as an all-or-nothing decision.
5. SOCIAL SECURITY CAN SIGNIFICANTLY CHANGE YOUR RETIREMENT NUMBER
For many Americans, Social Security will provide an important source of retirement income.
But the amount you receive depends on your earnings history and when you begin claiming benefits.
You can generally begin receiving retirement benefits as early as age 62.
However, claiming before full retirement age permanently reduces the monthly benefit relative to the full retirement age amount, subject to applicable rules.
Waiting beyond full retirement age can increase monthly retirement benefits up to age 70.
That means your claiming decision can affect how much money your personal investments need to provide.
But here's something important.
DON'T BUILD YOUR PLAN AROUND A SOCIAL SECURITY ESTIMATE YOU HAVEN'T VERIFIED.
Review your personal earnings record.
Look at your estimated benefits.
Compare different claiming ages.
And consider how the decision affects your spouse, if you're married.
Your claiming strategy should fit your broader retirement plan.
Not simply follow what someone else decided.
6. PENSIONS AND OTHER RELIABLE INCOME MATTER
Some retirees receive income from:
Traditional pensions.
Annuities.
Social Security.
Other contractual or benefit-based sources.
These sources can reduce the amount that must be withdrawn from investments.
But they aren't all identical.
Some pension benefits include inflation adjustments.
Others do not.
Some annuities provide lifetime income.
Others have different payment terms, fees, restrictions, or insurer-related risks.
The important question is:
How much income can I reasonably count on, and under what conditions?
Don't assume every recurring payment is guaranteed forever.
Understand the terms.
And use conservative assumptions where appropriate.
7. UNDERSTAND THE 4% WITHDRAWAL GUIDELINE
You've probably heard of the 4% rule.
It's one of the most frequently discussed retirement planning concepts.
The basic idea is that a retiree starts by withdrawing approximately 4% of an investment portfolio during the first retirement year.
In subsequent years, the initial dollar withdrawal may be adjusted for inflation.
This approach originated from historical retirement portfolio research using particular assumptions about investments and retirement length.
But here's where people get confused.
THE 4% GUIDELINE DOES NOT MEAN YOUR INVESTMENTS WILL EARN 4% EVERY YEAR.
It also doesn't mean you can withdraw 4% of the current balance every year and expect the same results as the original research.
And it certainly doesn't guarantee that your money will last for the rest of your life.
Market returns vary.
Inflation varies.
Retirement lengths vary.
Portfolio allocations vary.
Fees and taxes matter.
That's why I prefer treating withdrawal-rate guidelines as planning tools rather than promises.
8. HOW MUCH WOULD DIFFERENT RETIREMENT PORTFOLIOS SUPPORT?
Let's look at a few examples.
Using a hypothetical 4% initial withdrawal rate:
Investment portfolioFirst-year withdrawalMonthly equivalent$250,000$10,000$833$500,000$20,000$1,667$750,000$30,000$2,500$1,000,000$40,000$3,333$1,500,000$60,000$5,000$2,000,000$80,000$6,667
These are gross withdrawal illustrations before any applicable taxes and do not represent guaranteed income.
Notice something.
A $1 million portfolio at a 4% initial withdrawal rate supports an initial withdrawal of approximately $40,000 annually.
Not $100,000.
Not $150,000.
Approximately $40,000.
That's why understanding the relationship between portfolio size and spending is so important.
A MILLION DOLLARS IS A LARGE AMOUNT OF MONEY.
BUT IT ISN'T AN UNLIMITED RETIREMENT PAYCHECK.
And if you retire relatively young, you may need your investments to support withdrawals for several decades.
9. WHAT IF YOU USE A DIFFERENT WITHDRAWAL RATE?
Let's use the same $40,000 annual spending gap.
At a 3% initial withdrawal rate, the illustrative portfolio target is approximately $1.33 million.
At 3.5%, approximately $1.14 million.
At 4%, $1 million.
At 4.5%, approximately $889,000.
Notice how much the number changes.
The withdrawal rate you use makes a significant difference.
But a higher initial withdrawal rate generally leaves less room for unfavorable returns, unexpected expenses, or a longer retirement.
A lower rate may provide a larger initial margin of safety, but it requires more accumulated savings.
THERE IS NO SINGLE WITHDRAWAL RATE THAT IS RIGHT FOR EVERYBODY.
The appropriate strategy depends on the full financial picture.
And that's why retirement planning is more than plugging one number into a calculator.
10. RETIRING AT 55 IS DIFFERENT FROM RETIRING AT 67
This is especially important to me.
I retired from my corporate career at age 56.
And that experience reinforced something I believe people need to understand.
EARLY RETIREMENT REQUIRES A DIFFERENT KIND OF PLANNING.
Someone retiring at 55 could potentially need their resources to support them for 35 or 40 years.
Someone retiring at 67 may have a shorter expected retirement period, although longevity is never guaranteed.
Early retirement can also create challenges involving:
Health insurance before Medicare.
Access to retirement accounts.
Social Security claiming eligibility.
Additional years of living expenses.
And the possibility of experiencing several major market declines during retirement.
That's why early retirement shouldn't be based only on whether you can afford to stop working next month.
You need to consider whether your resources can support your life for many years afterward.
THE EARLIER YOU RETIRE, THE MORE IMPORTANT LONG-TERM SUSTAINABILITY BECOMES.
11. PLAN FOR A LONGER LIFE THAN YOU EXPECT
Nobody knows exactly how long they're going to live.
But retirement planning requires making assumptions about longevity.
One of the biggest mistakes is planning only until the average life expectancy.
Some people will live much longer.
And for married couples, there's also the possibility that one spouse will live many years after the other.
That means a retirement plan should consider:
Long retirement horizons.
Survivor income.
Healthcare needs.
Potential long-term care.
Inflation.
And the financial needs of a surviving spouse.
RUNNING OUT OF MONEY LATE IN LIFE CAN BE MUCH HARDER TO RECOVER FROM THAN A FINANCIAL SETBACK DURING YOUR WORKING YEARS.
That's why a margin of safety matters.
12. INFLATION CAN CHANGE YOUR RETIREMENT NUMBER DRAMATICALLY
Let's say you need $5,000 per month today.
That's $60,000 annually.
Now imagine inflation averages 3% annually over the next 20 years.
At that hypothetical rate, the same purchasing power would require approximately $9,031 per month after 20 years.
That's more than $108,000 annually.
And that isn't because you're necessarily living a more luxurious lifestyle.
It's because the cost of maintaining the same purchasing power has increased.
This is only an illustration, not a forecast.
Actual inflation will vary.
But the principle is important.
YOUR RETIREMENT PLAN MUST CONSIDER TOMORROW'S PRICES.
NOT JUST TODAY'S BILLS.
That's one reason retirees may continue holding some growth-oriented investments, depending on their needs and risk tolerance.
The challenge is balancing long-term purchasing power with short-term financial stability.
13. HEALTHCARE CAN BE ONE OF YOUR BIGGEST RETIREMENT EXPENSES
Healthcare deserves special attention.
Especially if you're considering retirement before age 65.
For most Americans, Medicare eligibility generally begins at age 65.
If you retire earlier, you'll need to determine how you'll obtain coverage before Medicare eligibility.
That might involve:
A spouse's employer plan.
Marketplace insurance.
COBRA continuation coverage.
Other qualifying insurance arrangements.
Each option has different costs and eligibility rules.
And even after Medicare begins, you may still face:
Premiums.
Deductibles.
Copayments.
Prescription expenses.
Dental care.
Vision care.
Hearing-related expenses.
And potential long-term care costs.
HEALTHCARE IS NOT AN OPTIONAL LINE ITEM IN YOUR RETIREMENT BUDGET.
It should be considered before making a retirement decision.
14. DEBT CHANGES YOUR RETIREMENT NUMBER
Imagine two people with the same retirement savings.
One has a paid-off home and no consumer debt.
The other has:
A mortgage.
Two vehicle payments.
Credit-card debt.
Personal loans.
They may have the same investment balance.
But they don't have the same financial flexibility.
Debt creates required payments.
And required payments increase the income your retirement plan must produce.
For example, eliminating $1,000 in monthly expenses reduces your annual spending needs by $12,000.
At a simplified 4% initial withdrawal assumption, that is mathematically equivalent to reducing the illustrative portfolio target by $300,000.
That doesn't mean paying off every debt is always the best investment decision.
Interest rates, taxes, liquidity, opportunity costs, and risk all matter.
But it demonstrates how powerful reducing recurring expenses can be.
EVERY UNNECESSARY PAYMENT YOU ELIMINATE CAN INCREASE YOUR FINANCIAL FLEXIBILITY.
15. TAXES CAN MAKE YOUR RETIREMENT NUMBER LARGER
Here's something people sometimes overlook.
The balance shown in your retirement account isn't necessarily the amount you can spend.
A traditional IRA or traditional 401(k) generally contains funds that may be subject to ordinary income tax when withdrawn.
Qualified Roth withdrawals may receive different tax treatment.
Taxable brokerage accounts have their own rules involving:
Dividends.
Interest.
Capital gains.
And the sale of investments.
Social Security benefits may also be taxable depending on your overall income.
That's why two people with identical retirement account balances may have different after-tax spending power.
YOUR RETIREMENT PLAN SHOULD FOCUS ON AFTER-TAX SPENDING.
NOT JUST PRE-TAX ACCOUNT BALANCES.
And this is where professional tax planning may provide meaningful value.
16. DIVIDEND INCOME CAN HELP, BUT IT ISN'T MAGIC
As people approach retirement, many become interested in dividend-paying stocks and income-oriented funds.
I understand the appeal.
Receiving cash distributions without necessarily selling shares can feel reassuring.
But here's something important.
DIVIDENDS ARE NOT GUARANTEED.
Companies can reduce or suspend them.
Fund distributions can change.
High yields may sometimes indicate elevated risk.
And a distribution isn't necessarily an investment gain.
When evaluating investments, consider total return.
That includes:
Price appreciation.
Dividends.
Interest.
Distributions.
And changes in investment value.
A retirement portfolio should be designed around your needs, risk tolerance, taxes, and time horizon.
Not simply the investment offering the largest advertised yield.
17. WHAT HAPPENS IF THE MARKET CRASHES AFTER YOU RETIRE?
This is one of the most important risks retirees face.
It's often called sequence-of-returns risk.
Here's the basic idea.
Imagine you retire with a substantial investment portfolio.
Then the stock market experiences a major decline during your first few years of retirement.
If you must continue selling investments to pay your bills while the portfolio is down, those withdrawals can make recovery more difficult.
Even if markets eventually recover.
The timing of investment returns matters when you're withdrawing money.
That's why retirement planning often includes strategies for managing near-term spending needs.
These may involve:
Cash reserves.
High-quality fixed-income investments.
Appropriate diversification.
Flexible spending.
Rebalancing.
And a withdrawal plan.
But no strategy eliminates every risk.
THE GOAL ISN'T TO PREDICT THE NEXT MARKET CRASH.
IT'S TO BUILD A PLAN THAT CAN BETTER HANDLE UNCERTAINTY.
18. PART-TIME INCOME CAN CHANGE THE EQUATION
Here's something worth considering.
Retirement doesn't have to mean going from full-time employment to zero earned income overnight.
Some people choose to:
Consult.
Teach.
Coach.
Work part-time.
Operate a small business.
Or provide professional services.
That additional income may reduce the amount they need to withdraw from their investments.
For example, suppose your retirement spending gap is $30,000 annually.
If you earn $15,000 in net income from part-time work, your portfolio may only need to cover the remaining $15,000 during that period.
At a hypothetical 4% initial withdrawal assumption, a $15,000 annual gap corresponds to an illustrative portfolio target of $375,000.
Without that income, a $30,000 gap corresponds to $750,000.
That's a substantial difference.
However, earned income may affect taxes, benefits, healthcare subsidies, or Social Security benefits depending on your circumstances and claiming age.
And part-time income isn't guaranteed.
ADDITIONAL INCOME CAN CREATE FLEXIBILITY.
BUT YOUR PLAN SHOULD ACCOUNT FOR WHAT HAPPENS IF THAT INCOME STOPS.
19. ENTREPRENEURSHIP CAN SUPPORT RETIREMENT — BUT DON'T ASSUME IT WILL
I've spent years building an online business outside Corporate America.
And that experience played an important role in my own transition into early retirement.
But I want to make something very clear.
STARTING A BUSINESS IS NOT THE SAME AS CREATING GUARANTEED RETIREMENT INCOME.
Businesses involve risk.
Revenue can fluctuate.
Expenses can increase.
Customers can leave.
Markets can change.
And some businesses never become profitable.
If you're including business income in your retirement plan, evaluate actual net earnings.
Not projected sales.
Not gross revenue.
Not somebody else's success story.
And not the best month you've ever experienced.
Look at:
Revenue consistency.
Operating expenses.
Taxes.
Customer retention.
Cash flow.
And how much personal effort the business requires.
Your business can be an important financial asset.
But your retirement plan should be able to account for business uncertainty.
20. DON'T CONFUSE YOUR HOME'S VALUE WITH SPENDABLE RETIREMENT INCOME
Many people have built substantial equity in their homes.
That's a meaningful asset.
But home equity isn't the same as cash available to pay monthly bills.
You generally need to sell, borrow against, or otherwise access that equity to turn it into spendable funds.
Each approach has trade-offs.
Selling may involve transaction costs and moving expenses.
Borrowing introduces repayment obligations, fees, or other risks.
And accessing equity can affect your long-term housing security.
YOUR HOME CAN BE PART OF YOUR RETIREMENT PLAN.
BUT IT SHOULDN'T BE COUNTED AS SPENDABLE CASH WITHOUT A REALISTIC STRATEGY.
21. RETIREMENT ISN'T JUST A FINANCIAL DECISION
I believe this is one of the most overlooked parts of retirement.
You can have enough money to retire.
But still struggle with the transition.
Because your career may have provided:
Structure.
Purpose.
Relationships.
Recognition.
Challenges.
And a sense of identity.
When that career ends, those things may change.
That's why I encourage people to plan for more than their investment accounts.
Ask yourself:
What will I do with my time?
How will I stay physically active?
How will I maintain meaningful relationships?
What will give my days purpose?
How will I continue learning?
What role will faith and service play in my life?
A SUCCESSFUL RETIREMENT ISN'T JUST ABOUT HAVING ENOUGH MONEY.
IT'S ABOUT HAVING A LIFE YOU'RE EXCITED TO LIVE.
22. YOUR HEALTH CAN AFFECT YOUR RETIREMENT COSTS
Health is one of the pillars of my Better Living After 50 philosophy.
And there's a reason for that.
Your health can influence:
Healthcare expenses.
Mobility.
Travel opportunities.
Ability to work.
Independence.
And overall quality of life.
Healthy habits cannot guarantee that you'll avoid illness or medical expenses.
But regular physical activity, nutritious eating, preventive care, adequate sleep, and appropriate medical follow-up can support healthy aging.
YOUR RETIREMENT PLAN SHOULD INCLUDE A PLAN TO TAKE CARE OF YOUR BODY.
Because money can provide opportunities.
But your health can affect how fully you're able to enjoy them.
23. THE BIGGEST RETIREMENT MISTAKE MAY BE NOT HAVING A PLAN
Some people avoid retirement planning because the numbers make them uncomfortable.
They don't want to know whether they're behind.
They don't want to look at their debt.
They don't want to think about healthcare expenses.
And they don't want to confront the possibility that their current savings may not support the retirement lifestyle they imagined.
I understand that.
But avoiding the numbers doesn't improve them.
YOU CANNOT BUILD A REALISTIC PLAN AROUND INFORMATION YOU REFUSE TO EXAMINE.
Start where you are.
Not where you wish you were.
If you're behind, identify the options available.
Those may include:
Saving more.
Reducing expenses.
Adjusting retirement timing.
Paying down debt.
Reevaluating your lifestyle.
Increasing income.
Or considering part-time work.
The appropriate choices depend on your situation.
But knowing the numbers gives you a starting point.
And that's better than guessing.
24. IT'S NOT TOO LATE TO MAKE MEANINGFUL CHANGES AFTER 50
Here's something I want to emphasize.
If you're 50, 55, 60, or older and feel behind financially, don't automatically assume the future is hopeless.
You may still have opportunities to improve your situation.
Depending on your circumstances, you may be able to:
Increase savings.
Take advantage of applicable retirement contribution catch-up provisions.
Reduce high-interest debt.
Reconsider major recurring expenses.
Review investment costs.
Improve tax planning.
Adjust your retirement date.
Or create additional income.
Not every strategy will be appropriate for everybody.
And there are no guaranteed outcomes.
But the important point is this.
BEING LATE TO START IS NOT A REASON TO AVOID STARTING.
You may not be able to change the financial decisions you made 20 years ago.
But you can make more intentional decisions about what happens next.
25. THE BEST RETIREMENT NUMBER IS THE ONE THAT SUPPORTS YOUR VALUES
This brings us back to something I discussed yesterday.
Financial freedom is personal.
Some people want to travel internationally several times each year.
Others want to spend their retirement gardening, walking, volunteering, and enjoying family.
Some want to live near their grandchildren.
Others want to relocate.
Some want to stop working entirely.
Others want to continue building businesses or pursuing professional interests.
There's no single correct lifestyle.
THE PURPOSE OF YOUR RETIREMENT SAVINGS IS TO SUPPORT THE LIFE YOU WANT TO LIVE.
Not to impress other people.
Not to compete with your neighbors.
Not to prove you reached a particular net worth.
But to create security, flexibility, and meaningful choices.
That's what matters.