Do I Have Enough to Retire? The Truth Behind the Most Common Financial Question
If you’re an auto repair shop owner—or any small business owner for that matter—you’ve probably had this thought late at night or mid-chaos at the shop: “Do I have enough to retire?”
You’re not alone. It’s one of the most common (and emotionally loaded) financial questions we hear. But the real issue? Most people ask the question, very few actually answer it.
Let’s change that. (This blog is based off of episode 164 of the Business by the Numbers Podcast, click here to listen instead)
This article will help you reframe how you think about retirement—not as a number, but as a lifestyle. You’ll walk away knowing:
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Why there is no one-size-fits-all retirement number
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The most overlooked variable in retirement planning
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A simple way to calculate your ideal retirement goal
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Why many shop owners could retire right now (but don’t know it)
Why “How Much Do I Need to Retire?” Is the Wrong Question
The question assumes there’s a universal number—$1.5M, $2M, whatever the gurus say this week. But in reality, retirement depends on:
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Your age
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Your health
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Your lifestyle and hobbies
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Your debt load
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Whether you plan to sell your business or hold the real estate
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What “retired” actually looks like to you
The list goes on. No calculator can plug all that in.
Instead, Ask: What Does Your Retirement Look Like?
Do you plan to travel? Live simply? Help your kids financially? These answers shape your retirement needs far more than some arbitrary target.
In fact, here’s a mind-bender:
Most shop owners could retire now… just not in the United States.
The money might be there—but if the lifestyle expectations don’t align, they stay stuck in the business.
The Philosophy Shift: Die With Zero
One of the most powerful takeaways from the episode is based on the book Die With Zero by Bill Perkins.
The core idea?
“You’re not here to accumulate. You’re here to live.”
You exchange time for money for decades… but when are you going to start exchanging money for time?
Waiting too long to retire doesn’t just cost you money—it costs you memories, health, and energy.
How to Estimate Your Retirement Number
Here’s a simple, practical way to get started:
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Figure out your expected annual expenses in retirement (including travel, health care, hobbies).
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Subtract your guaranteed income (e.g. Social Security, rental income).
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Multiply the remaining annual need by 12.5 (based on an 8% investment return).
Example:
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$80,000 needed per year
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$50,000 expected from Social Security and other income
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$30,000 gap
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$30,000 × 12.5 = $375,000 needed in retirement savings
Want to be more conservative? Use a 6% return and multiply by ~17.
Common Mistakes That Derail Retirement
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Banking entirely on your business sale: It’s not guaranteed. Diversify.
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Carrying too much debt into retirement: Mortgages and business loans eat your cash flow.
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Ignoring Social Security: It’s still a major part of most retirements.
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Overplanning for your kids’ inheritance: Most people inherit money when they no longer need it. Help them earlier—if that’s your goal.
Bottom Line: You’re Probably Closer Than You Think
Most small business owners overestimate what they need and underestimate what they already have. The goal isn’t just to have enough—it’s to have clarity. And that starts with running the numbers.
Ready to Start That Conversation?
Don’t leave it to guesswork. Talk to a trusted advisor, map out your real expenses, and see where you stand. Whether you’re retiring in 2 years or 20, the best time to get clear is now.
And if you found this helpful, share it with another shop owner who’s been thinking the same thing.