Can You Retire With Less Than A Million Dollars? Let's Find Out!

Video: Can You Retire With Less Than A Million Dollars? Let's Find Out!

The answer to this question can vary greatly depending on several factors, including your lifestyle, location, health, and retirement goals. However, a common rule of thumb is the 4% rule, which suggests that you should aim to save enough to withdraw 4% of your retirement savings annually to cover your living expenses. This means that if you estimate needing $40,000 per year in retirement, you would need to save $1 million.
It's also important to consider inflation, healthcare costs, and potential changes in your financial needs over time. Consulting with a financial advisor can help you create a personalized retirement plan that takes into account your specific circumstances and goals. They can help you evaluate your current savings, investment strategies, and projected expenses to ensure you are on track for a comfortable retirement, even in a challenging economy.

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Disclaimer:
I am not a financial advisor and this is not financial advice. Always do your own research!

That being said, it's important to be well-informed and cautious when making any financial decisions. Consider diversifying your investments, setting clear financial goals, and staying updated on market trends. Consulting with a certified financial advisor can also provide personalized insights tailored to your unique situation. Remember, patience and informed decision-making are key components to achieving long-term financial success.

00:00 Introduction
01:19 How much do you need for retirement?
03:03 What you need to think about first?
04:21 Why investing is so important?
06:27 What's your timeline?
07:40 Accessing your retirement accounts
08:59 Our retirement plan
10:29 Net Worth Tracking
12:09 Retirement Motivation
13:24 Figuring our how much you truly need
14:23 Outro

[mommytradertube]

What is your retirement number? Smash the LIKE 👍

[jacquesjourney]

Hubby and I are about to find out. We are retiring with about $500K, but not in America.

[rajaradhakrisnan]

My goal is 3 million. Already at 1.2 million. Thanks for educating people

[rajaradhakrisnan]

Also put a freeze on your credit report to avoid fraud

[OurRetireEarlyJourney]

We have 3 separate FIRE numbers. 😊 1. Secured Retirement - money required when we take Social Security & Pensions. 2. 59.5 Retirement - money required to live from 59.5 to Secured Retirement. 3. Bridge Retirement- money required to live from the day of retirement to that 59.5 retirement amount.

[rolandosouffrain]

I don't have a retirement number. Lol. I am 48 yrs old and technically i can retire right now. Lol. I luv where i work and it gives me enough freedom to vacation 3 to 4 times a year. I own properties, i also do options trading. Im so i will retire when i can't work. Lol😂😂oh yeah i don't budget but not everyone can do that. Lol. Networth is $734K🎉🎉🎉🎉🎉

[memphistnliving]

Great share my friend. You already own a business and I believe this must be covering atleast 20%-25% of your needed annual expenses as of now. In the sheet wherein you talk about withdrawal plan I dont see side-business income as an option. Did you not consider that? If so why?

[thomaschew]

Using a budget and paring down monthly expenses. Pay off debt this is important and create an emergency fund. Then work on paying off your mortgage. For me having more than one source of retirement income is important. As a rough guide your paid off home should be no more than 25% of your net worth. Take your home value and multiply by 4 that will give you the total net worth you should need. a $300K home x 4 = 1.2 million. Subtract your home and car value and other stuff say that is $350K you need at least $850K in retirement investments. Social security-take this as late as possible and stay out of debt. Have a cash cushion. Using the 4% rule a million dollars in retirement savings yields $40K withdraw per month, or $3, 330.00 per month. BTW you have me motivated to buy SCHD started in April as of today we have 55 shares.

[Dividend_Cowboy]

I don’t know what the magic number is, but I’m hoping to reach $1M and possibly more. I invest small amounts M-F regardless what the market is doing. Time in the market > timing the market. 👍🏻

[dnah]

Yes depending on your burn rate, retirement age, and where u live. I have heard of retired folks going to live in asian or latin America to make it work.

[mrcmid]

👍 budgeting and tracking your money dally and weekly is important along with starting an individual investment brokerage account with fidelity, charles schwab or traditional 401k's combined with this will make you a millionare.

[silynthiabudgets]

I have no clue what my goal retirement number is. At this point. I think whatever number it is... i need to multiply it by 3. 😮

[michaeljones]

around 1 million$$$ with dividend is my goal along with SSI and side hustles. I hope to retire @ 65

[mauricebanks]

Yes we can!! We hope to do it at 750K net worth!!👏🙏

[IDesireeWealth]

❤❤❤❤ loving this video about half way through. I'm not sure what my retirement number is but I'll find out.

[bcusaaus]

I hope to get to 500k, I started way way way too late in life so o can scrap by with 1/2 million with Ss