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.
Looking to master investing? Attend one of my 3-Day Transformational Investing Workshops, virtually! Reserve your seat here:
Subscribe to my channel for free stuff, tips and more!
Google+: + PhilTownRule1Investing
1 million retirement, retirement planning, how to invest, retirement number, saving for retirement, retirement calculator, 1 million in retirement, whats my number, million dollar retirement,
The earlier you start saving, the better off you will be in retirement. Learn how much you should be saving for retirement according to your age and salary.
0:11 "Let's take a look at if you're in your 20's, 30's, 40's or 50's – what is the game plan here?"
0:22 "Let's say you're 30 years old. You want to have at least one times your salary saved. So if you're making $50,000 a year, you want to make sure you have fifty grand in the bank."
0:30 "Let's jump up to 45 [years old]. You want to have four times your annual income saved. Once you get into your sixties, that's eight times [your salary]; that's a huge number."
0:43 "Procrastination is one of the key components of why people are not necessarily successful."
1:05 "A lot of the time it's just simple arithmetic. How much money do I need to maintain the lifestyle that I want long-term?"
2:00 "That does show why you want to start as early as possible when you're saving."
If you would like to schedule a free assessment with one of our CFP® professionals, click here:
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
• 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.
Dimensional Vice President Marlena Lee, PhD, explains how her research on replacement rates can help you prepare for a better retirement outcome. See more here: