Check the Dashboard on Your Road to Retirement

Matt McDonough
4 min readJun 9, 2022

Retirement is so far away … what do you have to worry about? You can deal with any problem coming decades down the road later, right?

WRONG

Do not doubt your ability to procrastinate.

If you do not save for your retirement, now is the time to start! If you are already saving for retirement, it is time to set up a system to check in on how you are doing.

Brooke Lewis via Pexels

What Do You Care, Your Retirement is so Far Away

Yes, your retirement may be decades in the future. But your retirement is going to take decades worth of planning to prepare for.

You will need to take in approximately 80 percent of your average income to maintain an independent retirement.

This is an immense amount of money, more than you can conceptualize in the early stages of your career. Immense amounts of planning, saving and investing are needed to pull this off … that is if you plan to spend your retirement without a job.

What Should You Do to Prepare?

There are several variables that you need to keep track of to determine whether you are on track for a comfortable retirement:

1. How much do you already have saved?

2. How much money do/will you contribute to your retirement each month?

3. When do you want to retire?

4. How much time do you have left until retirement?

5. How much money do you expect to spend in retirement? (Or currently spend if you do not know)

6. How long do you expect to live?

There is no simple way to get an exact estimate of the amount of money you will have and how much money you will need when you retire. But there are several online calculators that can give you an estimate (punch in your numbers here or here).

Set aside a specific time each year to check these calculators to be aware of where you are on the path to a comfortable retirement.

What If the Numbers Do Not Look Great?

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Matt McDonough

Hello! I am a CPA by day, writer by night, and adventurer on the weekends. I’m on the lookout for fun ideas to read, please send anything interesting my way!