Thank you for joining me for Episode 13 of my Money Wisdom Question Series, where I film answers to common financial and retirement investment questions. Today I’m answering the question, “How do I compare to other people like me when it comes to retirement?”
Be cautious about comparing yourself to others. For the most part, a lot of people don’t save enough for retirement. I congratulate you for asking this question. It means you’re concerned about your retirement savings.
The other thing I would mention is that it’s very hard to know other people’s individual circumstances. You don’t know if they’ve had a bankruptcy in the past. They could have maybe paid too much for their kids’ education and their kids went to a school that they shouldn’t have because they couldn’t afford it. Somebody could have inherited money and that’s why they’re well-off, but they might not be telling you that.
You can control your own situation. The best thing to do is think of, “If I was retiring today, how much would I need? How much income would I want to come in on a monthly basis?”
Let’s say your number is $5,000 a month. Now, you should find somebody that can calculate that based on when you’re going to retire. If you’re going to retire 10 years in the future, you’ll need more than $5,000 a month. Then you need to figure out what are your guaranteed sources of income? Is it coming from Social Security? Is it coming from a pension? Or is it all going to be based on your savings? It gets a little technical, a little complicated.
Don’t compare. Get started early. See a professional that can offer you guidance because chances are, they’ve worked with many other people in your situation. Take one step at a time and congratulate yourself for making progress.
Thanks for joining me and I hope you found this information helpful! If you enjoyed this topic and you want to hear more, you’ll love this podcast episode where I talk about a similar subject.
P.P.S. Feel free to submit questions here for a chance to have them answered!
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