Aging Towards Retirement:

Aging Towards Retirement:
Photo by Towfiqu barbhuiya / Unsplash

Retirement is a significant milestone in your life, representing the transition from a lifetime of work and sacrifice to a period of relaxation, self-discovery, and pursuing long-awaited dreams. However, as individuals age toward retirement, one question looms large: how much money is enough to support a comfortable lifestyle during this time in your life? The financial aspects of retirement planning can be a daunting source of concern for many, raising doubts and uncertainties about future financial security. In this article, we will delve into the key considerations surrounding aging towards retirement and explore ways to cancel the concerns about having enough money to enjoy a great retirement.

  • What’s Your Goal and What Are Your Dreams?

Before calculating the financial implications of retirement, it is important to work out your retirement goals and dreams. Consider the lifestyle you envision, your desired activities, and any major expenses you anticipate, such as travel, healthcare, or supporting family members. By envisioning your ideal retirement, you can estimate the financial resources required to achieve those goals.

  • Pay Close Attention To Your Current Financial Position:

To gain a realistic understanding of your retirement needs, evaluate your current financial situation. Calculate your net worth, including all assets, savings, and investments, and subtract any outstanding debts or liabilities. This assessment provides a bare minimum for your retirement planning and helps identify areas where you may need to make minor or major adjustments.

  • Understand Retirement Expenses:

Retirement expenses can be divided into essential and discretionary categories. Essential expenses cover basic necessities such as housing, healthcare, food, utilities, and transportation. Discretionary expenses, on the other hand, include travel, hobbies, entertainment, and other non-essential items. Analyzing your anticipated expenses will give you an estimate of the income required to maintain your desired lifestyle throughout retirement. You will notice I put healthcare in bold… guess why. It is because it is probably the most costly short of housing and funeral expenses. I would always allow for more in reserve for that than almost anything else. (Medicare isn’t going to cover everything)

Consider Inflation and Rising Costs:

When planning for retirement, it is absolutely vital to factor in the impact of inflation and rising costs over time. Inflation erodes the purchasing power of money, meaning that the same amount of money will buy less in the future. Therefore, it is wise to account for inflation when estimating your retirement income needs to ensure you have enough funds to cover future expenses. Especially when we are in a very high inflationary time such as this.

  • Calculate Retirement Income Sources:

Identify all potential sources of retirement income, including pensions, Social Security benefits, investments, and personal savings. Understanding how much income you can expect from each source will help you determine if there is a shortfall or a surplus in meeting your retirement goals.

  • Consult a Financial Advisor:

Navigating the complexities of retirement planning can be overwhelming. Seeking guidance from a qualified financial advisor can provide invaluable assistance in determining how much money is enough for retirement. A financial professional can assess your financial situation, help develop a retirement strategy tailored to your goals, and provide ongoing guidance and adjustments as needed. Some people find that a Fiduciary is the best bet, as they are held to a higher amount of “watching out for you” and not them so much.

  • Adjust Lifestyle and Savings:

If you discover that you may not have enough money to support your desired retirement lifestyle, it’s essential to take action promptly. Consider adjusting your current lifestyle to increase savings, reduce expenses, or explore opportunities for additional income streams. By making small changes and adopting smart financial habits, you can make significant progress toward closing any retirement savings gaps.

  • Review and Monitor Regularly and Adjust As Necessary

Retirement planning is not a one-time event; it requires regular review and adjustments as circumstances change. Revisit your retirement plan periodically, ( maybe every 6 months?) to ensure it aligns with your changing goals, financial situation, and market conditions. Making informed decisions and staying proactive will help you maintain financial confidence throughout your retirement years.


Aging toward retirement can bring concerns about having enough money to sustain a comfortable lifestyle. By understanding your retirement goals, assessing your financial situation, considering inflation, and seeking professional advice, you can gain real insight into how much money is enough. With careful planning, lifestyle adjustments, and regular monitoring, you can take the necessary steps toward achieving a financially secure and fulfilling retirement. Remember, it’s never too early or too late to start planning for retirement, so take control of your financial situation and future today.


Dean Benson, The “Dean of Rock & Roll” SKY7MUSIC.COM/ONLYCLASSICROCK mid-day daily, you will hear my many "Dean-isms"!

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