How Much Do You Need To Retire?

Today, we're going to answer the BIG question. How much do you need to retire?

I’ll show you how to estimate your retirement income based on your savings and then run it through a tax calculator to get the net amount of income you can expect.

Don’t miss my free online workshop, “How to Choose the RIGHT Age to File for Social Security.” In this workshop you’ll learn:
✔The Most Important Factors to Consider BEFORE You File for Benefits
✔How to Coordinate Your Social Security Filing Decision with Your Other Assets & Income for a Tax Efficient Distribution Strategy
✔Why This Is The Biggest Decision of Your Retirement

Access the workshop today at this link

📜 HEAR YE HEAR YE: Some of my videos contain links to third party products, apps, and services. If you click through, I may receive a small referral fee to my media company (Carroll Media Properties) through their referral program. Rest assured, I only recommend products or services that I believe will be helpful and informative to my audience.

⭐⚠️⭐Please read this⭐⚠️⭐

⚠️I am not an attorney, SSDI advocate, or affiliated with the Social Security Administration or any other entity of the US Federal Government. I am a practicing financial planner, but I’m not YOUR financial planner and since I don’t really know you, I can’t give you advice. So please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and financial advisors. 🙇🙇🙇🙇🙇
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[jimk]

There is so much click bait and scare tactics used today. Cover your expenses (which will be lower), be debt free and have a little play money and you'll be ok. Most of us don't need a million or more to retire.

[marybauers]

I didn't have "enough money" to retire on before I was forced to retire due to a heart conditions at 52! I didn't plan on my medical condition & I lived paycheck to paycheck when I worked! I'm not complaining because I'm happy I have a roof over my head, my utilities are paid & I have food in my kitchen! Some people feel blessed for the simple things in life!

[bradpittiful]

you need to do a video like this for working class folks who dont have a retirement savings minimal 401k (under $50k in a 401k) and SS monthly amount of $1500 a month

[DavidSmith-lptz]

When I was in my 20’ and 30’s I had no idea what I needed to “save” for retirement. I couldn’t imagine “saving” an amount that I could live on. I just invested as much as I could. Change “save” to “accumulate” and the miracle of compounding started to make sense. I talk to my kids and younger employees about accumulating wealth rather than saving.

[dougb]

Great show Devin, thank you. The explanation of $1M savings, Social Security for self, SS for spouse, was very well done ... easy to adjust the actual numbers for ourselves! I liked the TaxAct demonstration and the links, including State tax, also.

"Don't fly coach, just so your kids can fly first class." That's a classic!

[RetirementContentment]

Thank you Devin. The 5% annual withdrawal plan based upon the prior year balance is so helpful. It feels right-sized, not too much and not too little. I think it’s also very important to have a cash emergency fund in place to prevent emergency withdrawals from retirement funds. Thanks again.

[barackmycat]

I just retired at 66. It definitely costs more than you may think. Now I can live below the numbers any article I have ever seen. imo Figure it out for yourself. I was told 32 yrs ago I couldn`t afford my house. Retired and loving it. Rock

[ruthcavanagh]

Disabled people like me collecting only $860 a month from Social Security and SSI cannot afford to save not one penny! We struggle just to get food and medicine and keep some kind of roof over our heads! If something doesn't drastically change like a hefty raise to Social Security and SSI and decreasing inflation.. those of us that are in the same boat are all going to sink!

[Awcrap]

My saving grace was I spent a lot of time on the road driving a truck and saved enough to pay off my truck and pay cash for a small house though it needs work. My dad told me you don’t spend as much when you retire. For me he’s definitely right. I can do without so many things realising I never needed them to start with. As long as I can get the things that keep my fur babies happy I’m content

[limitlessvision]

I love the retirement cheat sheet break down. I circled everything that applies to me. Thank you, Devin.

[rainynight]

When most workers had to go to 401ks instead of pensions it was a disaster for many. Most people cannot save the amount of money to retire unless you are in the high income bracket.

[sct]

This is what I learned. How much needed to retire depends on your expenses.
My largest expense is medical insurance 😩

[sinebar]

There is a troubling trend of seniors living in their cars because they can't afford housing. To me that's a crisis. Especially for seniors who don't have family.

[jeffreyduplessis]

Thank you so much Devin for your easy to understand retirement information. I always learn something new from the information you provide and I value your perspective.

[nobody]

9:10... Methinks we are on the same sheet of music! I think my over-calculation of taxes suffices in most cases!

[nobody]

35 seconds in... PEOPLE... learn math, please???? It is your BEST FRIEND! Remember asking when you would ever need it again? Well...seems like NOW is when. Spreadsheets are your friend; learn to use them. Learn to organize your thoughts, and learn the difference between a DESIRE and a NEED; then learn how to find that happy middle ground.

[judithgrace]

Yes.. I did at 58 and again from 61 -69

[jdgolf]

Here's the trick. If markets are up, and your distribution amount goes up for the year, you don't have to spend You can either leave it in your IRA, or whatever, or you could take it out, and leave it in your savings, so if next year is one of those down markets, youhave that extra.

[dancasey]

Switching to taking dividends and short/long term capital gains from stocks and bonds instead of reinvesting them should help get you closer.

[laurah]

Can I? House paid off. We will have 3 pensions total 6 grand a month and my hubby and I will both work easy part time jobs after 65 bringing in another 1, 000. And when we draw social security that will equal another 4, 000: