Retirement Planning Is Not a One-and-Done Activity

Jul 11, 2022

In the longest-running study of retirement preparedness, one of the most stubborn numbers over the years has been the percentage of current workers who have tried to figure out how much money they will need to have saved in order to live comfortably in retirement. According to the Employee Benefit Research Institute (EBRI), that figure has stayed at or below 50% since 1993 with only one exception. The latest study found that just 47% of today’s workers have taken that step.

While financial planning is an imprecise science, it offers several important benefits. For one, estimating how much you may need to have accumulated by retirement will help you figure out how much you need to invest each month in order to achieve that goal. Knowing that number can be a motivator to find the money to invest. Another benefit is that planning can provide peace of mind. Moving through life not knowing how your day-to-day cash flow management may impact your future is stressful. On the other hand, taking proactive steps to manage how much you’re spending on groceries, vacations, and all the rest in order to free up money to invest for your future can be reassuring.

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Written by

Matt Bell

Matt Bell

Matt Bell is Sound Mind Investing's Managing Editor. He is the author of five biblical money management books and the teacher or co-teacher on three video-based small group resources. His latest book, Trusted: Preparing Your Kids for a Lifetime of God-Honoring Money Management, will be published by Focus on the Family and its publishing partner, Tyndale House, in April 2023. Matt has spoken at churches, universities, and conferences throughout the country and has been quoted in USA TODAY, U.S. News & World Report, and many other media outlets.