How Long Does $1 Million Last in Retirement | Phil Town

One million dollars is a common benchmark when it comes to retirement goals, and many resources will recommend this number as how much you should save before you retire.

However, while one million dollars may sound like a great goal to strive for, the truth is that one million probably isn't going to be enough for you to live a comfortable and enjoyable retirement. To better understand how long one million dollars will actually last in retirement, we'll take a look at some of the factors affecting how much retirement costs.

Wondering how much you need to save for retirement and how investing can help? Try my free retirement quiz today! Click the link above.

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Find Out How Much Money You Need to Retire | S. 1 Ep. 13

Joe Anderson, CFP® and "Big Al" Clopine, CPA share strategies to help you find out how much money you will need to last through retirement, how much money needs to be saved and how much needs to be accumulated for your specific retirement plan. What's your magic number?

Click here for a Free Retirement Assessment:

So let's take a look at the first method of determining your "magic number"…

1. 8 Times Your Final Pay

Example: $100,000 Income Per Year
Magic Number: $100,000 * 8 = $800,000

Pro: This helps the person close to retirement find out how much they may need for retirement

Con: It does not factor fixed income sources (Social Security & pensions)

Con: It does not help a younger investor understand how much they need to save

2. Saving 15% of Net Salary

Example:
Annual Salary: $100K
Annual Take Home Pay: $70k
Annual Savings: $10,500 (15%)
Savings at 6% for 30 Years: $830,000

This method is good to help people start saving more money. Most Americans are not saving nearly this amount and this strategy does not help someone close to retirement see if they are on track or not.

3. 4% Distribution Rule
Example:
$100K Desired Retirement Income
$50K Fixed Income
$50K Income Shortfall
$50K Divided by 4% = $ 1,250,000

This method takes into account fixed income sources and is more scientific than other methods. The problems with the 4% rule are that it doesn't apply if you haven't saved, it is dependent on life expectancy, and depends heavily on growth rate.

FACTORS TO CONSIDER
– When Do I Want to Retire?
– How much do I spend now and how will that change in retirement?
– What variables could change everything? (Unexpected illness, the Premature death of a spouse, Divorce, Bear market, etc.)

If you would like to schedule a free assessment with one of our CFP® professionals, visit:

Make sure to subscribe to our channel for more helpful tips and stay tuned for the next episode of “Your Money, Your Wealth.”

Channels & show times: yourmoneyyourwealth.com

IMPORTANT DISCLOSURES:
• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, Inc. A Registered Investment Advisor.
• Pure Financial Advisors Inc. does not offer tax or legal advice. Consult with their tax advisor or attorney regarding specific situations.
• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.
• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.

National Guard Retirement Calculator Enables You to Plan Your Retirement Amount

National Guard retirement calculators gives you the opportunity to plan ahead and gives you the amount that you will receive when you retire from duty. These calculations will allow you to understand what you will have to pay. This will allow you to be more confident when you retire.     Click here to go to calclators

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The 10 Best Cities to Retire in the US

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The 10 Best Cities to Retire in the US.

Choosing where to retire in the US can be very overwhelming – so many great options and factors to consider! Regardless of whether you’re seeking an action-packed retirement or looking instead for a peaceful escape from hectic city life, you’ll find here the 10 best cities to retire in the US.
1. Prescott, Arizona
2. Venice, Florida
3. St. Augustine, Florida
4. Beaufort, South Carolina
5. Myrtle Beach, South Carolina
6. Abilene, Texas
7. Austin, Texas
8. Boise, Idaho
9. Palm Springs, California
10. Salt Lake City, Utah
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Top 10 Places to Retire in Asia

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Top 10 Places to Retire in Asia.

Offering everything from lush, tropical rain forests to bustling mega-cities, Asia is one of the world’s most varied and interesting places to retire. With an increasing number of Western retirees seeking an ‘escape’ from the fast-paced life that they are used to, and Asia offering a cultural experience that’s second-to-none, the number of retirees seeking peace, comfort, and financial security in Asia has continued to increase.
But it’s not just peace and quiet that retirees are searching for in Asia – it’s a fun and interesting life. While Western cities offer a great deal of economic opportunity, they can often feel somewhat stale and lacking in culture. In contrast, many of Asia’s top cities feel full of life and interesting opportunities to be found.
Likewise, Asia’s beach destinations, small towns, and rural settings can offer the perfect picturesque setting for a retiree. From beautiful scenery to truly stunning natural surroundings, many of Asia’s best locations are undiscovered secrets when compared to their counterparts back home.
These ten locations offer a great mix of modern conveniences, creature comforts, an affordable cost of living, and a unique look on life. From mega-cities to small towns, these top ten places to retire in Asia should be at the top of your list when you’re on the look for a great place to retire.
1. Phuket, Thailand
2. Penang, Malaysia
3. Singapore
4. Sapporo, Japan
5. Huahin, Thailand
6. Nhatrang, Vietnam
7. Taipei, Taiwan
8. Sai Kung, Hong Kong
9. Chiang Mai, Thailand
10. Kuala Lumpur, Malaysia
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10 Best Places To Retire In The World

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10 Best Places To Retire In The World.
Any list of the 10 best places to retire in the world has to be subjective. You could think that Croatia is one of the 10 best places to retire in the world and your neighbor might think you’re nuts. Croatia? Aren’t they having a war of some kind over there?
However, if you apply factors such as the cost of living, the climate, housing, taxes, health care, and recreation, it’s possible to come up with a list of the 10 best places to retire in the world that is reasonably valid.
1: Panama
2: Ecuador
3: Thailand
4: Argentina
5: Belize
6: Mexico
7: Costa Rica
8: Nicaragua
9: Florida
10: North Carolina
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