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.

End of preview. Please subscribe to read more.

Already a subscriber? Log in here.

Continue reading plus get access to our
objective, time-tested investing strategies.

Get access to Sound Mind Investing’s articles and investing
strategies for as little as $0.32 a day.

See subscription options

Not ready to signup? Don’t worry, we can still help.

Our free workshop will teach you how to
profit while enjoying peace of mind, even
in a turbulent market.

In this 20-minute video workshop you’ll discover…

1
How to grow your portfolio while protecting against loss and downturns
2
A trustworthy, methodical investing system you can depend on for strong returns and peace of mind
3
Why successfully navigating bear markets is just as important to your success as capitalizing on bull markets

Start securing your future today.
This free workshop is the perfect place to start.

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, has just been published by Focus on the Family and its publishing partner, Tyndale House (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.