How Much is Enough for Retirement? The Number Matters Less Than You Think.

Retirement is supposed to be the reward. Yet for many people approaching retirement, it feels more confusing than exciting.

In this episode of Retire Well, Josh Bretl and Mark Elliott break down what retirement really looks like today and why the old rules no longer apply.

Josh opens the show with a simple personal story. A brutal Chicago winter forced a change in his family’s morning routine, turning school drop-offs into a daily ritual filled with music, conversation, and unexpected joy.

It is a reminder that some of the most meaningful moments are not planned. Retirement often works the same way.

Retirement Is About Freedom, Not Quitting Work

One of the core themes of this episode is redefining retirement. Josh explains that retirement is not about stopping work. It is about having the ability to do what you want, when you want to do it. For some people, that may mean continuing to work by choice. For others, it means traveling, volunteering, or simply having control over their time.

This mindset shift is especially important for those considering retiring earlier than expected. The question is not “Can I stop working?” The real question is “Do I have the flexibility to live life on my terms?”

Why the Retirement Number Is Often Misleading

Many people focus on a single retirement number. Josh explains why that approach can be misleading. What matters far more than a lump sum is understanding your monthly spending.

Two households with the same savings can have very different retirement outcomes based on how much they spend. Retirement planning begins with clarity around cash flow, not guesswork.

• Knowing what you spend each month
• Understanding where income will come from
• Planning for how long that income needs to last

The Reality of Retirement Without Pensions

Josh and Mark discuss how retirement has changed compared to previous generations. With pensions becoming rare, retirees are now responsible for creating their own income. That responsibility can feel overwhelming without a clear plan.

Josh explains why retirement income planning is essentially cash flow planning. It requires deciding when to take Social Security, how to use personal savings, and how to manage taxes along the way.

Income Blending and Tax Buckets Explained Simply

One of the most practical parts of the episode is Josh’s explanation of income blending. He breaks retirement assets into three tax buckets: taxable, tax deferred, and tax free. Understanding where your money sits allows for more control over taxes in retirement.

By thoughtfully blending income from these buckets, retirees may reduce unnecessary tax exposure and create more consistent cash flow. There is no one size fits all approach. Every plan should reflect individual goals, spending needs, and family considerations.