Can You Retire On A Million Dollars?

A million dollars isn't what it used to be. Can you retire on one million dollars today?

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Did you know the word millionaire was first coined just 14 years before the United States even became an independent country? It was the year 1762 when we called the rich, “millionaires”. But can you retire on a Million Dollars?, that’s a question that’s I think on everyone’s mind at some point in life and it's important to understand in the context of investing and passive income.

If we assume an average income here in the United States of $50,000 a year, working for 40 years starting at the age of 22, and retiring at age 62, the average person will then go on to make around $2,000,000 in his or her lifetime. Obviously we don’t get to keep that whole 2 million, after taxes, we’d keep around $1,691,800 which assumes a best case scenario of no states income taxes if you live in states like Alaska, Florida, Nevada, South Dakota, New Hampshire, Tennessee, Texas, Washington, or Wyoming.

If we then take the average savings rate in the United States, which is an embarrassingly low 7.6%, in 40 years, most people will end up saving around $128,576.80 of that 2 million, which seems really low (because it is)

Despite what mainstream media tells us, retiring on a million dollars is very possible, and you can live comfortably without ever running out of money for all eternity and it’s not some magic trick, it’s pure simple math.

First, it is true that one million dollars does not have the same purchasing power as it did in 1980. To be able to afford the same amount of stuff with one million dollars today as you did in 1980, you’d need around 3.3 million dollars. So it’s true, as time goes on, inflation makes our money less and less valuable.

For every dollar in your bank account, it’s worth around 2 pennies less every single year because we’re printing money. With what’s going on today with the economy and because we’ve had to print so much more, inflation can reach as high as 5% or 5 pennies for every dollar that you’d be losing every year. So that’s definitely an issue but not as much as you may think.

In fact, not only can you retire on a million dollars in your 60s, but theoretically, you can retire on a million dollars at any age, and never run out of money.

It was a research paper published from Trinity University by three professors. What the trinity study measured, was the success rates of investment portfolios that had different withdrawal rates in retirement for different time periods throughout history between the years 1926 to 1995, which was later expanded to 2009.

This time period spanned the 2 world wars, the Great Depression of the 1929, high inflation period of 1970s, and the booming 1980s. So this simulation covered a lot of ground. They ran this simulation with 5 different portfolio diversities, 100% stocks, which is what I have with Robinhood, 75% stocks 25% bonds, 50% stocks 50% bonds, 25% stocks 75% bonds, and 100% bonds. They also researched the lengths for 15 years, 20 years, 25 years, and 30 year rolling periods.

The Trinity Study found that 4% was the magic number. If you retired in your 60s and you withdrew 4%, out of all the simulations that they ran, there was a 100% success rate that your money would outlast you in retirement. So in the case of our hypothetical example of one million dollars, 4% of a million would be exactly $40,000 per year. If you withdraw $40,000 per year, starting at retirement age, there’s a 100% chance your money will outlast you in all the economic simulations.

But there's a catch, If you increase the amount of years you want to be retiree, then your chances of success will decrease. If you want to be retired for 50 years and withdraw 4% per year, the chance of success drops down to 90%.

To compensate for that, a safer rate is using a 3.5%, doing this, increases the odds back to 98% success rate (assuming a 100% stock portfolio). In fact, if you withdraw 3.5%, your "terminal amount" (the amount you're left with after retirement), would multiply 6 times. That's because compound interest grows your money faster than you can spend it.

*Links above include affiliate commission or referrals. I'm part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.

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PLEASE NOTE:

I AM NOT A FINANCIAL ADVISOR. THIS VIDEO REFLECTS MY OPINION ONLY. IT IS NOT TO BE CONSIDERED FINANCIAL ADVICE. PLEASE DO YOUR OWN RESEARCH BEFORE INVESTING YOUR MONEY.

How Much Money You Need To Save To Retire By Age 40

The more you save, the sooner you can retire. But how much do you actually need to save before retiring? Business Insider reporter Lauren Lyons Cole breaks it down in this video.

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Following is a transcript of the video:

First, figure out how much you spend each year, then divide it by 4% (0.04).

This is how much you need to save before retiring.

Once you know your goal, you can leave work as soon as you reach it. But to make this work you have to invest your savings.

You can survive for only 25 years on these savings alone. So if you retired at 40, you would have to start working again at 65. But there's a way to make it stretch even longer.

Continue to invest and earn an average of 5% on your investments each year, then you will have enough to live on for the rest of your life.

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Business Insider is the fastest growing business news site in the US. Our mission: to tell you all you need to know about the big world around you. The BI Video team focuses on technology, strategy and science with an emphasis on unique storytelling and data that appeals to the next generation of leaders – the digital generation.

RETIRING on $300 a month CHEAP Living : Lo de Marcos Jalisco Mexico

Retiring on $300 a month Lo de Marcos Jalisco Mexico Cheap Living.

You could retire now, for as little as $300 per month in Lo de Marcos Jalisco, Mexico 2018? Of course, that means cutting back living Cheap Living on most luxuries and living a relatively simple Retirement lifestyle.

Important warning we DO NOT recommend any Real estate Company in Lo de Marcos.

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Retirement Planning Before You actually retires Will allow you to have more money And give you A better quality of life. Retirement planning is so important Before you actually do retire.

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In Lo de Marcos, you will feel the essence of a true Mexican town. Wide, calm streets, colorful flowering trees and brilliantly painted façades accompany patient fishermen as they weave their nets, which they will later throw into the sea located at the end of the paved walkway.
“It is a small paradise on Earth,” expresses one of the inhabitants of this corner of the Riviera Nayarit. Here, hotels and villas of the purest Mexican style will welcome you with open arms.
Lo de Marcos is a town with a remodeled gazebo in the downtown and small businesses and restaurants with delicious homemade food and friendly service.

We suggest That youTravel in Mexico Before you decide Where you want to Set up You're Retirement lifestyle.

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San Pancho Culture San Pancho, as the village of San Francisco, Mexico is affectionately known, has preserved its rural essence and the authenticity of a picturesque Mexican town. Here one can still enjoy the serenity and the principles of old Mexico; where people take the time to chat rather than rushing to do business. Just an hour’s drive north of Puerto Vallarta airport but a world apart, San Pancho sits peacefully upon a wide palm-fringed golden beach wrapped in a lush cloak of the verdant jungle. Quiet cobblestone streets provide visitors and residents a safe haven in which to wander and discover the town, with delightful restaurants close at hand to enjoy a delicious refreshment.

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Retire Southeast Asia Budget travel $25 A Day Retiring & Beautiful girl Retire Early

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South east Asia is cheap. On $25 a day you are not going to live like a king or a queen. You will be able to live on this budget and be able to live in a foreign country Cambodia, Vietnam, Thailand are three south East Asian countries to retire.

Maybe you would like to have the time to write a travel blog, writer your famous novel: or have all the time for yourself to create an online business. Living in Southeast Asia and traveling in countrys where the overhead is very low it affords you the time to be creative.
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Best and worst states to retire in the United States

We spend most of our lives working and planning for retirement. When it’s finally time to retire, finding the right place to live is key. WalletHub ranked the 50 states and Washington, DC. in order of best and worst places to retire. Analysts compared the states based on affordability, quality of life and health care. Within those three main categories, there were 31 additional metrics to rank the states.

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Business Insider is the fastest growing business news site in the US. Our mission: to tell you all you need to know about the big world around you. The BI Video team focuses on technology, strategy and science with an emphasis on unique storytelling and data that appeals to the next generation of leaders – the digital generation.

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