How Much Do I Need For A $100,000 Income in Retirement

How Much Do I Need To Save To Retire With a $100,000 Income?
-Dave Zoller, CFP®

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[scottengh]

Firstly, if you take out 5%, you need less. Secondly, on average, I made about what high school teachers make in my area and I saved/invested enough to reach the $2M. Lived on 25%, paid over 35% in taxes, saved 25% for retirement, kids college, gifting, tithe, and recreation with the remainder. 19 year old truck and modest home.

[vinnyg]

Just saw this, interesting video on the number you posted.

Being 62 and still working I have been working on our retirement numbers for a few years now. I have come up with the $100K to $104K needed to live comfortably in retirement. Sounds like a lot but my yearly budget today is about $55K for living expenses; assuming they stay about the same there still needs to have income taxes and medical insurance added to the living expenses. I think the $100K amount is reasonable depending on where you live. I plan on working until 65.

Retiring at 62 means that SS will be lower, withdrawal will be higher and taxes on that withdrawal will be higher, at a certain income level SS will be taxed at either 50% or 85% and working longer to get more SS will net more non taxed income. If I have my figures correct Medicare is less expensive than insurance we can obtain from private insurance companies because of the income we need to live on.

A few of the things that aren't mentioned on the withdrawal strategy (and may have been mentioned in other videos) are dividends, growth of investments and a cash reserve. They can play a large role in how much you deplete your savings during withdrawal and your money might actually grow in the right market conditions.

[ceregirl]

Not hitting on you, but your skin! Just flawless and glowing!

[jhors]

Thank you for posting this helpful video

[barbiec]

I really like the way you explain things. Thank you.

[BrunoLuke]

Been watching, listening, and paying attention to all of predictions and forecasts since early Covid. He hasn't disappointed yet 👌

[lewisr]

You are very well spoken and knowledgeable. I appreciate the work you put into these videos.

[twilde]

$100K a year!! I'd love someone to break down their expenses that come to $100K a year? Mind boggling.

[stephenwright]

The comments on videos like these really run the gambit. Everyone needs to realize it’s an example. It could be a real one if you live in a high cost area and haven’t paid off your debts for mortgages and cars. You still have to look at your individual situation and determine your own savings plan. That is the point.

[billyrayband]

scrub your expenses, and do it more as you get close to your retirement date, it is likely lower than you think. More than likely if your total social security is only 2400/mo, based on your wage history, you should not need 100K of income. 50K total will support your pre-retirement lifestyle.

[chen]

its easy to learn, when you are the one teaching

[joshz]

Not sure 4% rule is applicable today. Maybe you can do a video that talks about why you think it should still be the rule of thumb.

[Dinngg]

I get the feeling that the more retirement savings you have the more you need to know what this guy is saying. Conversely if you only have a million bucks you can probably get by just fine on your own.

[frankm]

Very simple, if you’re stressing on if you’ll have enough to retire, I recommend that you don’t retire.

[gregb.]

You throw around a bunch of numbers without any white boarding or graphics. Might help for following along.

[rgarri]

If my pension and social security is 135k I guess I don’t have to save anything. What do I do with millions in the bank?

[brianshields]

Percentage of folks who could actually save nearly 2M has to be extremely small?

[miken]

I have over 2 million + social security and the best I can do is $80k a year. A person should never spend principal. Please raise interest rates. My life savings are being heavily devalued with inflation and little income from investments. Interest should be 6%/ At 6%, 2 million + social security should be $150k/yr.

[steveresis]

Great overview.. we hope to have you do a more detailed personal plan for us this year

[bernie]

I've been retired for going on 6 years now and we have not touched one dime of our retirement savings. I can't imagine what I would spend $110K per year on. Truth of the matter is, everyone is different. If you have lived your life and are getting close to retirement age, you already know how much money you will need. If you planned ahead you already have that money. If you don't, then you screwed up. It's just math folks and it's grade school math at that.