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Do I have enough savings to retire?

Do I have enough savings to retire?

December 12, 2019

A few families I’ve met with lately have seemed uncomfortable and even embarrassed as we talked about their situation. I see this a lot. Many people think that they are supposed to have a certain amount saved or have achieved some financial goal by a specific time.

How much is enough to retire?

Clients ask if they have “enough.” The question is hard. And it’s hard mostly because it all depends on how much they need to be comfortable. If they don’t know how much they need, they will never have enough to feel safe.

The questions are more about what you want and what is most important to you. With those questions answered, figuring out how you are doing on saving and investing gets pretty easy.

There are people who have $15 million in retirement savings and don’t think they have enough saved. Other people live off a pension of $1,000 a month and save $300 every month. No two families are alike.

I always tell people to reflect on what matters to them. If you can meet all your requirements, then you are set. It does no good to compare to your neighbor or your co-worker. As Mark Twain said, “Comparison is the death of joy.”

Retirement planning resources

If you find that you want to understand what you have and how it can help you reach your goals, you might benefit from some advice from an experienced, well-trained, professional financial planner who is your advocate at all times.  

A great place to start looking for that advisor is to search here.

This link will lead you to CERTIFIED FINANCIAL PLANNER™ professionals in your area. They have the training and experience to give you great advice. Talk to a couple advisors to find the person who is the best fit with you and your needs.

As you visit with financial planners, I suggest a couple things to check:

  • Is the advisor always the client’s advocate – a fiduciary advisor?
  • Is the advisor only paid by clients, not any financial product manufacturer or distribution network? That would be a fee-only advisor.

These two points help assure that you are working with a professional who is committed to your best interest at all times. It seems sort of obvious to me that a professional would work in this way, but it’s not automatic.

A fiduciary, fee-only, CFP® professional can help you make great retirement income choices and develop a comprehensive financial plan that is driven by your goals and priorities and addresses all aspects of your financial life. With a big-picture approach, you will be better prepared to understand your options at every step along the way.

Yes, I am a CFP® professional. I’m always a fiduciary and I only work on a fee basis. And yes, I’m still taking on a few great families to be part of my financial planning practice.

If this article has you thinking about your own circumstances, contact my office at I am always happy to meet with people who are working on their retirement plans. Dunncreek Advisors does not provide legal or tax advice, nor is this article intended to do so.