What’s My Magic Number to Retire?
One of the most common questions I get is:
“How much do I really need to retire?”
People want a quick number that they can hold onto, but the truth is: it depends.
I know—that answer drives people crazy. But retirement isn’t a one-size-fits-all situation. Your dream retirement could look very different from your neighbor’s. That’s why a quick online calculator can’t tell the whole story (use them as a guide, not gospel).
What Really Shapes Your Retirement Number
Here are a few key things that make a big difference:
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Your age now—and when you want to retire
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Where you’ll live (cost of living matters)
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Marital status & timing – Will you and your partner retire together?
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Lifestyle goals – More travel and hobbies, or a simpler pace?
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Other financial obligations – Kids, parents, or debt still in the picture?
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Your spending habits – Saver or spender? Could you stick to a budget?
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Income sources – Pensions, Social Security, investments, savings, part-time work.
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Health & family longevity – Longer lives and/or unhealthy lifestyles usually mean bigger retirement budgets.
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Priorities – Would you rather retire early and adjust your lifestyle, or work longer for more security?
Why There’s No “Magic” Shortcut
Unless you have unlimited money (or very short plans for retirement), chasing a single magic number won’t cut it. Your retirement is too important to guess at—it’s one decision you really want to get right the first time.
The Smart Move
If you truly want to know your number, sit down with a financial advisor and get a customized plan. Even a one-time planning session can give you clarity. And if you’re within five years of retirement, check in every year — you don’t want surprises.
In the meantime? Save as much as you can without sacrificing your life today. Because remember: life is short, and this isn’t a dress rehearsal.
At PS Worth, we offer financial advice and custom financial plans, including retirement plans with no strings attached. We are a fee-only, advice-only firm so you only pay for the services you receive, and you are never required to have or move your investments over to us to us to work with us. I invite you to schedule a complimentary consultation to discuss your goals and I will share how we might help. Visit https://psworth.com for more info.
