Two neighbors could retire with the exact same amount saved and end up in very different situations. One comfortably covers their bills for decades, while the other runs short within ten years. The difference usually isn’t how much they saved. It’s how well that number was matched to what they’ll actually spend.
Many people approach us wanting a verdict on their balance, but most CERTIFIED FINANCIAL PLANNER® professionals will steer that conversation toward a more useful question: what will your life in retirement actually cost? A couple who’s paid off their Park Ridge home and plans quiet years gardening and visiting their kids has different needs than a couple planning extensive travel or helping with their grandkids’ college tuition. The number you have in mind only means something once it’s measured against your own spending plan, covering housing, healthcare, and the occasional splurge, projected not just for next year but for the next two or three decades, as costs and priorities shift.
“What if I’m behind?” This is the part that keeps people up at night, especially those approaching retirement age. If it turns out you haven’t saved enough, it’s not too late to start closing that gap. Working a few extra years isn’t just about postponing retirement. It’s an opportunity to boost your savings when it matters most.
If you’re 50 or older in 2026, the IRS allows you to make “catch-up” contributions above the standard limits. You can contribute up to $32,500 to a 401(k) or similar plan ($24,500 plus an $8,000 catch-up), and up to $8,600 to an IRA ($7,500 plus a $1,100 catch-up). For those turning 60 to 63 this year, the 401(k) catch-up is even higher at $11,250.
The bottom line: “enough” isn’t a fixed number. It’s a moving target shaped by your goals and timeline. Whether retirement is five years away or twenty-five, the most valuable step is sitting down with a trusted advisor and turning that uncertainty into a concrete plan built around your own circumstances, not a generic rule of thumb.
Securities and investment advisory services offered through Osaic Wealth, Inc. member FINRA/SIPC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth. Moran Wealth Advisors and Osaic Wealth, Inc. are separate entities.
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