Retirement isn’t just about how much you’ve saved — it’s about whether your money can reliably replace your paycheck for the rest of your life. In this episode of MasterPlan, we break down one of the biggest and most emotional questions people face before retirement: “How much monthly income is actually enough?” Because walking away from a paycheck is difficult — even for people with substantial savings. And the truth is, retirement income planning is far more personal and nuanced than most people realize. We talk through the real-world challenges retirees face, the mistakes we see over and over again, and why simply “having money invested” is not the same thing as having an actual retirement income plan.
At least a third of our early meetings is talking about that. Because sometimes people think about what my gross pay is. Well, I don’t want to know that because that’s before taxes and we need to treat taxes separately.
But also maybe they’re having, they’re putting in 10% of their paycheck into their 401k or maybe they’re having disability insurance deducted from their paycheck. I mean, it’s all these other things and so I want to know, “What are you spending per month?”
And so it’s just a lot of questions we’ve learned from our experience to ask.
– Mark Fricks
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