Podcast Episode 390: How Do You Compare Financially to Others Your Age?
Are you constantly comparing your retirement savings to those of your peers? If so, you’re not alone. Many people find themselves trapped in the cycle of comparison, wondering if they measure up to others. In the latest episode of the Money Wisdom podcast, Jake Doser, CFP®, CPWA® and Nicholas J. Colantuono, CFP® tackle this common concern and explain why comparison can be detrimental to your financial health.
A listener question sparked this specific discussion but it’s a common curiosity people have about money. It’s human nature to want to know how you stack up to your peers and whether you have comparable amount of retirement savings as others. While that’s true, it can often lead to unnecessary stress and distraction from focusing on what truly matters—your unique financial situation. Every individual has different circumstances, goals, and financial needs, which is why it’s crucial to focus on what you can control.
One of the key takeaways from the episode is the importance of developing a personalized income plan. A successful retirement is not about how much you have saved compared to others but about ensuring you have a sustainable income stream that meets your lifestyle needs. A well-thought-out plan considers Social Security, pensions, and investments to provide predictable income in retirement.
But it’s hard to ignore the emotional aspects of retirement planning. Transitioning into retirement is a significant life change, and it’s essential to consider not just the financial implications but also the emotional readiness for this new phase of life. By having open conversations with a financial advisor, it helps you align your objectives with your savings while managing risk appropriately.
If you find yourself wanting to compare yourself to friends and peers, now is a great time to join one of our retirement planning workshops to learn more about maximizing Social Security, healthcare, income planning, and taxation. Retirement planning is a balancing act, and starting with a personalized conversation can set the foundation for a confident and fulfilling retirement.
Your retirement journey is personal, and with the right guidance, you can achieve the financial independence you deserve.
Here’s what we discuss in this episode:
0:00 – Intro
1:02 – How do you quantify this?
2:32 – Every situation is different
3:45 – What really matters
6:55 – Planning
Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.
Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.
Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
The guarantees provided by any type of insurance contract are based on the claims-paying ability of the insurance company.
Related Resources
-
Retiring In Uncertain Times
During times of economic uncertainty, it’s natural to feel overwhelmed. It seems like every day there’s a new update from the markets. But rather than reacting to the noise, focus on why you have … -
How Do Tariffs Affect the Stock Market?
If you’ve been tuned into the news lately, you’ve probably heard a lot about tariffs. The current administration’s latest economic push has introduced a wave of uncertainty in the market. But what… -
How Do I Get Out of Debt Fast?
Most people with debt want to get out of it quickly and efficiently. To do that, you first need a clear understanding of your financial situation. Second, you need a clear, actionable plan. In … -
Why Do I Need to Account for Inflation in Retirement?
Today’s question is: What is inflation and why is it important to account for in my retirement plan? Inflation is the rising cost of goods over time. Meaning, it will cost you more money next year… -
What Is a Fiduciary?
When it comes to managing your money, trust is everything. That’s why today’s question is one of the most common and important ones we receive: What is a fiduciary? In this week’s Money Wisdom … -
Podcast Episode 403: How to Approach Finances in a Second Marriage Later in Life
Getting engaged later in life is an exciting time, but it requires different financial planning conversations. With blended families, different retirement timelines, and evolving goals, couples in… -
Podcast Episode 404: Financial Goals You Shouldn’t Overlook
When it comes to preparing for retirement, most people focus on the obvious goals of saving enough and building an emergency fund. But in this episode of Money Wisdom, Jake Doser, CFP®, CPWA® and … -
Understanding Retirement Planning
Planning for retirement isn’t just about saving – it’s about making smart financial decisions at every stage of life. A better understanding of the financial industry can help you avoid costly mis… -
Most Asked Social Security Questions
It’s no question that Social Security plays a crucial role in retirement planning, helping to provide a stable income stream for millions of recipients. In this week’s Better Money Boston with … -
Can I Get ‘Out’ of a Fixed-Rate Vehicle?
When you lock into a fixed-rate vehicle like a CD, fixed annuity, or fixed-indexed annuity, you’re committed to a specific interest rate for a set period. But what happens when after a few years, …
