DeCesare Retirement Specialists

Work to Wealth

How Much Money Will You Need for Retirement?

| Retirement, Work to Wealth

Our featured article of the month, How Much Money Will You Need for Retirement, highlights the continued confusion by most Americans about their future retirement needs as well as headline trauma that helps contribute to the situation.

It is accurate that many Americans are unsure how to structure their own retirement. They consistently have questions about top line numbers, like the “big number” mentioned in the article and face serious uncertainty about how to structure a withdrawal strategy from their retirement accounts. Online calculators can be useful guides, but they are not a replacement for thoughtful consideration of your family’s needs and desires.

Proper retirement planning is a process that takes time, work and consideration. I understand it is not easy or instantly gratifying, but few things that are worth it are. I use a saying, you can’t microwave everything. Do I use the microwave sometimes to save me some preparation time, of course. But when I want something prepared right, I do it the long way, which I explain to the kids is the right way.

Is the result better? Usually it is, if the time and the care is put into it. I believe what you get out of the planning process is reflective of what you put into it. Engaging in retirement planning can provide better perspective on your overall financial situation, including your goals, your fears and risks. And if done right, provide good piece of mind for your future retirement security.


It depends on your goals, time horizon, and risk tolerance.


“Will I outlive my retirement money?” That’s one of the top fears for people who are starting to prepare for their retirement years.

So I have to chuckle a bit when I see headlines that say, “Here’s how much money Americans think they need to retire comfortably.”1

$1.9 million is the number, according to a nationwide survey of 1,000 employed 401(k) participants by a well-known financial services company. In 2019, the same survey reported the number was $1.7 million. But this year’s pandemic increased the total by $200,000.2

Is $1.9 million a realistic figure for retirement? It’s hard to say. The survey didn’t ask participants how they arrived at that figure or what information they used to draw that conclusion.

Determining how much money you need in retirement is a process. It shouldn’t be a number that you pull out of thin air.

The process should include looking at your current financial situation and developing an approach based on your goals, time horizon, and risk tolerance. The process should take into consideration all your potential sources of retirement income, and also may project what your income would look like each year in retirement.

A significant figure like $1.9 million does little good if you’re uncertain what it means for your retirement years. We can help you develop a retirement strategy and show you investment ideas designed to help you pursue the retirement of your dreams.


This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.


  1., August 4, 2020
  2., August 4, 2020