MarketWatch: “‘This is never factored into the equation.’ One big thing people forget to consider when thinking about how much they need to retire”

Sept. 14, 2022, MarketWatch — In today’s article, reporter Andrew Shilling turns to Marguerita Cheng, CFP® Pro, for insights into the 5 questions that will help you answer how much you’ll need for retirement.

Andrew writes: “I’m sure you’ve pictured it: on the beach mid-weekday, gently lapping waves falling on white sand, sipping an umbrella drink — and you no longer have to check your email, other than to confirm your dinner reservations. You may even have time for some self-reflection. But can you actually afford that life? Indeed, the one question on many of our minds is just how much we need to retire. Unfortunately, if you’re looking for a simple numerical response, most experts will tell you the solution isn’t that easy.  Here are some of the questions to ask yourself before you figure this out.”

Marguerita explains: You’ll need to layer in what you learned about your expectations in retirement. Maybe you don’t need 90% of your income if you plan to outright own a home in a far cheaper place than you live now, for example. “And remember: How much money you need is a personal decision that relies on more than just a number and estimates,” says Marguerita Cheng, CEO of Blue Ocean Global Wealth.

“The decision doesn’t just depend on financial circumstances but also personal circumstances such as family situation, access to health care, age, sources of income, etc.,” Cheng said. “The number is different for everyone. In working with clients, we want to ensure they have a reasonable wealth, good health, and time to enjoy their retirement.”

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