Why It's so Hard to Answer the Question "How Much do I Need for Retirement?"
If you’re thinking about retirement, you’ve probably wondered, “How much do I actually need to have saved?”
It’s one of the most common questions financial planners hear. And it makes sense. You’ve worked hard, built a career, maybe raised a family, and now you want to know when you can confidently step into the next chapter.
But here’s the truth: the answer isn’t simple. In fact, it’s one of the most complex questions in personal finance—and there’s a good reason why.
Retirement Isn’t a Math Problem
People want a number. Something clear. Something they can work toward. But the idea that there’s a single, magic dollar amount that works for everyone is misleading.
Your retirement is deeply personal. The “right” number depends on your lifestyle, your health, where you live, how you want to spend your time, whether you plan to work part-time, and how long you’ll need your money to last. It also depends on things you can’t fully predict, like market returns, inflation, tax laws, and unexpected expenses.
Even small changes in any of those areas can shift the answer in a meaningful way.
Planning for the Unknown
Imagine trying to plan out your daily schedule for a random Tuesday fifteen years from now. You might be able to take a guess, but you wouldn’t bet your life savings on it.
That’s what makes retirement planning so tricky. We’re trying to make decisions today based on a future that’s full of variables. That doesn’t mean we throw up our hands and do nothing, but it does mean we have to approach retirement with flexibility and regular check-ins—not a single, fixed goal that never changes.
It’s Not About the Number
So let’s tear down the question and replace it with a better one:
“Am I prepared for retirement?”
That question goes deeper. It leads to conversations about your income sources, how you’ll spend your time, whether your portfolio is aligned with your goals, and how much risk you’re comfortable taking. It’s about building a strategy that supports your life, not just hitting a savings target.
The financial planning process doesn’t stop once the software generates “the plan”. It helps you understand the trade-offs, navigate life’s curveballs, and make adjustments as needed. And ideally, it helps you retire with confidence—not just because you can, but because you know how the pieces fit together.
What a Planner Really Does
If you’re the type of person who values professional advice and doesn’t want to spend your retirement second-guessing your spreadsheet, this is where a financial planner becomes invaluable.
We don’t just crunch numbers. We help you figure out what retirement actually looks like for you, then build a plan to get there. We review your investments, run tax projections, estimate healthcare costs, and keep an eye on how your situation changes year after year.
Most of all, we’re here to help you answer the questions that can’t be solved with a simple formula—and to help you feel good about the choices you’re making.
Final Thought
If you’ve been waiting for someone to give you a number, you’re not alone. But a better path forward is having a conversation. One that looks at your unique situation, your goals, and the life you want to live next.
Because retirement isn’t about a number. It’s about being ready for what comes next—and knowing you’ve built a plan that’s designed to support it.
John Howe-Wemett, CFP®, M.S.
