Retirement doesn't come with one magic number. What you need depends on the life you want to live, the income you'll have, and how you hope to spend your time in the years ahead.
Rather than starting with a dollar amount, start with these five questions:
What do you want retirement to look like?
Think about where you want to live, how you want to spend your time, travel, family, hobbies, and what a fulfilling retirement means to you.
What will your monthly expenses realistically be?
Some expenses may decrease in retirement, while others, such as healthcare, travel, or helping family, may increase.
What income will you already have?
Consider Social Security, pensions, retirement accounts, investments, annuities, rental income, and other potential income sources.
How long might your money need to last?
Retirement could span decades. Planning for longevity can help you think beyond just the first few years.
How should your savings and investments work together?
Different assets can serve different purposes, from providing accessible cash to generating income and supporting longer-term growth.
The goal isn't just a number.
A retirement plan should connect your resources to the life you want to live. Understanding where you are today can help you identify gaps, consider your options, and make more intentional decisions for the years ahead.