Created: October 21, 2020
Modified: September 9, 2022

Episode 13: How Do I Compare to Other Retirees?

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?”

Everyone’s Retirement Situation is Different

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.

Focus on the Things You Can Control

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 and Get Started Early

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!

  • 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.”

  • Robert G.
    Robert G. is a client of Johnson Brunetti and received no compensation for his statement.

    “We’ve been clients of Johnson-Brunetti for > 10 years. We’re enjoying a comfortable retirement as a result. Many thanks to Joel and our CFP, Eric Hogarth. I wish we had plugged into this decade approach back when we were in our 30s.”

  • 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.