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. http://bit.ly/2GeByc2
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.
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Are you worried about how long your money will last in retirement? Leave me a comment. And if are curious about how much you need for your own retirement, take my quiz! http://bit.ly/2GeByc2
$2 mln is not the average Joe has. Should do a video on a more realistic figure. The usual fund manager advertisement trap.
To me being debt free and your living expense is very important
In France, we have social security like you, but we also have complementary retirement funds automatically financed by our work; we can also have other assets from our savings, and this is enough to live on (except if one wants to live like a prince), so this is ridiculous, we wouldn't need the equivalent of one million dollars to live on, and so your question seems ridiculous to me; saying that you are doomed if you "only" have one million dollars is preposterous; I bet that you yourself are quite rich to emit a so ridiculous idea.
If you have a house and no debt, do you really need one million dollars to retire?
Many people (and I am among them) don't have one million dollars to retire; how do they then?
I benefit more from the comments section than from this nice speaker ??
Want to know the investment required for a weekly income? ~ http://tribanercorp.com/capital-required-for-desired-income/ ~ This will tell you (based on dividends) the capital to gain an income each year.
I plan on retiring at 62. With social security (1850/month) pension (2000/month) and retirement funds (600K), house and cars paid for, can we make it?
DCA into Bitcoin.
As per Uncle Fed there is no inflation
My parents retired in Philippines just by using their social security of 1500.00 USD a month and they live like royalty. They retired over 8 years ago and never had to touch their savings or pension.
what about $1,250,000?
I am curious why you said "…if you're a good investor, not one at there buying index funds, but a really good investor…" what is wrong with index funds? What might a really good investor be doing instead of buying index funds? Also, you said if you want a great enjoyable retirement you need $2,000,000. What is a really good enjoyable retirement?
For my retirement planning, I just use a spreadsheet with a row for each year, and the columns list assets, income, and expenses. The fist columns contain different categories of assets (IRA, taxable, and bank balances). In the next set of columns, I list retirement income streams (social security, pension, part-time income etc). In the next set of columns, I list expenses (budgeted, medical, taxes, charity, etc). At the top I have variables I can experiment with, such as inflation, interest rates, etc.that are used in the formulas for each row. Come ask me in 30 about years how well it worked out.
The idea of investing is very simple. When you have a good job and a decent lifestyle, you should have some money left in your bank account. Just like you are still working, you should find your money a job. Please be aware of one thing, your money could leave you if the job you find for your money is bad. Find your money a good job like the one you found for yourself.
This guy says nothing about pensions, SS and company health insurance for retirees. Add that to the $30K per year you can get off of 3% of a million dollars per year and you'll still be tucking money away in retirement. I don't trust this guy.
Hey Phil this video is a bunch of crap.
Well, then the average person is screwed, since the average person doesn't have anywhere near a million dollars at retirement.
Couldn't you just invest it in a EM bond fund or high yield corporate and get a 5% dividend plus capital appreciation over time? Bam, there's your 50k and principal just goes up
i think you should do something like 1 million dollar saving + significant social security payout. not just living off 1 million dollar in cash.