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Created: October 21, 2020
Modified: May 14, 2024

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!

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.

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