Here's how much money you need to save before you can retire

The majority of Americans say they want to retire by age 67 at the latest.

Yet when it comes to planning for retirement, picking a specific age means you are focusing on the wrong number, according to financial expert and radio show host Chris Hogan.

“Retirement is not an age. It is a financial number,” Hogan said.

Americans think they need $1.9 million to retire, according to a 2020 nationwide study by Charles Schwab.

Retirement planning, however, is not a one-size-fits-all.

Hogan recommends that you start by determining exactly how much money you need per year to fund your dream retirement. Once you have that yearly total, work your way backwards to figure out what size nest egg you need.

Check out this video to see case studies of how much money you should save and learn Hogan’s process for setting realistic goals in retirement.

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[MelindaMatsuda]

I am currently in my 50s and This is no time to taper retirement savings. I want to max out my retirement contributions and I also have another $120k in a savings account that I want to invest in a non-retirement account. Where would you invest this as of now?

[Motivation]

*_VERY INTERESTING TOPIC! THANK YOU FOR DISCUSSING MORE ABOUT IT!_*

[Oooooo-ximx]

Unfortunately, the $50, 000 per year chart initially appears inverted. It makes it seem like spend a higher % and you need less money. Which is true, but is backwards thinking. They should have shown instead that spending 8% per year gets you maybe only 14-16 years, whereas 4% can possibly stretch to 30+ years (factoring in investment growth along the way)

[Private_Class]

Set up a budget and use cash. I made a vid on this, because this method helped me the most.

[scoobedoo]

Expenses, expenses, expenses. If you can accurately chart your current and future expenses (while being realistic about how long you'll be doing all that traveling, etc), you can make a solid plan for how much you'll need. Keep in mind that spending goes down the older you get according to lots of actual research, so there's no need to budget $60k/yr when you're 86 (in today's dollars). See Ty Bernicke's research for details. Plug all of these into your favorite (comprehensive) retirement calculator to see how you're looking. FIRECalc.com is a great example of this sort of calculator that runs Monte Carlo analyses based on your inputs and past market performance. And it's free.

[dcraexon]

You don’t need anything you can’t take with you knowledge of the truth can take you places a luxury car or a jet can’t .

[mrpmj]

Buy no brainer bullet proof cash rich companies: I bought Amazon, Apple, Nvidia, Facebook, Microsoft, Google, Wells Fargo,

CRM, Lululemon, Broadcom (AVGO), Adobe
TRUST THE PROCESS. The stock market goes up in the long term because it takes 2 steps forward for every 1 step backward.

There's a lot of money on the sidelines, and new 401K money

[Cathy-xicb]

This man advises people without much in the way of investment funds or adequate financial education on his site. Nothing he said isn't easily available on any good financial education site, and should be fully understood by any educated adult. If you are a high net worth individual, you have a lot of moving parts to think about, and a lot of options. If you are a civil servant with a pension, not that much thought needs to go into it. Everyone in between: Learn early about managing money. Don't wait until you are 50 to think this through. You, my friend, have probably missed the (best) boats.