Created: January 8, 2022
Modified: September 9, 2022

Episode 63: What is a Good Retirement Income?

The question we’re answering today is, “What is a good retirement income?”

What Do You Want to Spend Your Money On?

This ultimately depends on what kind of lifestyle you want to live in retirement. Let’s take myself and my wife as an example. I’m 60 years old and I’m not going to tell you how old my wife is, but let’s just say she’s around the same age, and let’s say I want to retire at age 65. The best way to start with what a good retirement income is by asking yourself, well, what do we want to spend our money on? Usually, a pretty good indication is what you’re spending your money on today. Let’s say that Wendy and I figure out that we want $10,000 a month of after tax money to spend. That to us is a good retirement income because we just decided it was a good retirement income. That’s the place to start when you want to build your financial plan, when you want to figure out what we need to do to make sure we’ve got that $10,000 coming in after tax so that we won’t run out of money. You get to decide what your ultimate retirement income is. Then, a good financial advisor can come up with a plan based on your guaranteed income sources like Social Security, a pension, or investments, how much can you depend on coming in for the rest of your life.

Inflation and Cost of Living

Of course, we’ve got inflation, which means you’re going to need raises every year to keep up with the cost of living. So that $10,000 I mentioned that Wendy and I would want today, well, five years from now, I’m going to need more money to buy the same goods and services that $10,000 buys today. That might be maybe $11,500 five years from now. A good financial advisor will factor that all in to an income plan.


Pre-Retirement Checklist Image
Get Your FREE Copy!

The answer to the question, “what is a good retirement income?” depends on what you want. The best place to start is deciding what you want, how much money after taxes you need to do that every single month and then a good financial advisor once again can build out that retirement income plan. So, what is a good retirement income? It’s kind of what you decide and then we’ll see if we can make that work.

Thanks for joining me and I hope you found this information helpful!

P.S. If you enjoyed this topic and want to learn more, download your copy of our guide, “Pre-Retirement Checklist”.

P.P.S. Feel free to submit questions here for a chance to have them answered!

  • Sandy and Thomas C.
    Sandy & Thomas C. are clients of Johnson Brunetti and received no compensation for their statement.

    “We always felt our financial needs were in very capable hands. Alex Angst is great to work with. Our advisor always made us feel he had our best interests at heart and explained things so we could understand them.”

  • Lisa D.
    Lisa D. is a client of Johnson Brunetti and received no compensation for her statement.

    “Working with Johnson Brunetti has had a positive impact on my life by providing me with the knowledge, confidence, and peace of mind to move forward with my retirement plans. The process of getting to this point, through their guidance, has been informative and pleasurable.”

  • Ken D.
    Ken D. is a client of Johnson Brunetti and received no compensation for his statement.

    “I view your company as one that puts my interests first. I think that is very uncommon and very refreshing. “

  • Jeanne P.
    Jeanne P. is a client of Johnson Brunetti and received no compensation for her statement.

    “Matt does an awesome job! So easy to understand and he listens to our concerns and addresses them! happy I chose your firm!”

  • Anonymous
    This testimonial was provided by a client of Johnson Brunetti and received no compensation for their statement.

    “I have been pleased with the help and service I have received from the company. I have met several team members on Eric’s team and have found all of them very well prepared to meet with me when reviewing my portfolio. I always feel that I am an important customer and appreciate that very much. I hope the firm continues to focus on the customer and maintains its great service. I think you do a great job for someone like me!!!! I’m happy I chose your firm!”

Johnson Brunetti
Welcome to Our New Website!
Everything was designed with you in mind, making our retirement planning resources more easily accessible to you.
Check out your new resource center, where everything can be organized by article type or topic
Are you ready to speak with a financial advisor?
Johnson Brunetti

Investment Advisory Services offered through JB Capital, LLC.
Insurance Products offered through JN Financial, LLC.
Atlanta • Boston • Hartford | Tel: 800-208-7233

JB Capital LLC is a federally registered investment adviser under the Investment Advisers Act of 1940. Registration as an investment adviser does not imply any level of skill or training. Information presented is for educational purposes only and is not intended as an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.

JB Capital's Form ADV | Disclaimer | Privacy Notice | Client Relationship Summary

*Information about our Affiliation with the UConn Huskies

Johnson Brunetti is a sponsor of WFSB Better Money, WCVB Better Money Boston, WSB-TV Better Money Atlanta, WTNH Money Wisdom, and WTIC Money Wisdom.