Is $1 Million Enough For Retirement?

Is $1 Million Enough For Retirement?

- in Uncategorized
19
0
is-$1-million-enough-for-retirement?

Investing October 6, 2021

By: Rex Moore

Is $1 million enough to retire on? I can hear you now… I sure hope so!

Today I’ll dive deeper into this question, give you some suggestions on how you can get there, and tell you how to get some free stock picks from some of the world’s best investors.

A million doesn’t buy as many yachts as it used to

Now this question of whether $1 million is enough was unthinkable even a few years ago. For people of a certain age (like me) $1 million represented that you had made it that you were among the wealthy people of the world.

You were a millionaire.

But if you think it’s not quite like that anymore… there’s a good reason for that. That’s because $1 million in 1970 was the equivalent of nearly seven million dollars today. And even if we look back as recently as 1990, a million dollars has lost half its buying power since then, meaning you’d need two million today to have the same buying power as you did in 1990.

So… $1 million definitely will not offer you as comfortable a retirement as it did a few years ago.

But let me answer the question.

With the overall caveat that of course you knew was coming — the question of whether any amount of money is enough for retirement: It certainly depends on what you want your retirement to look like.

But yes, of course $1 million can be enough for retirement, and maybe even a lot less… and I’ll show you why.

And I want you to know that no matter where you are on your retirement journey I’m confident you can make it. No matter how little you have or how much time you have left until you want to retire, you can always improve your situation. And I believe the act of getting started and understanding what I’m about to show you will help give you a mental boost that can carry you a long way.

Let’s start with a sort of baseline to think about your retirement and how much you may need. I’ll give you a basic breakdown here and if you want it I’ll send you a free report that explains this stuff even further. (And that report has free stock picks for you as well.)

4% is a big deal

Maybe you’ve heard about the so-called 4% rule, based on research from Bill Bengen, a literal rocket scientist who later became a financial planner.  His work shows that it’s historically been pretty safe to withdraw 4% of your initial total nest egg each year… and have your money last longer than you do. What’s more, you can adjust your withdrawal for inflation each year.

(This is not guaranteed and assumes a certain mix of stocks and bonds in your portfolio, details of which are in the free report I can send you.)

So let’s look at an example. If you do have $1 million when you retire, that means you can withdraw 4%, or $40,000, in the first year. And for another baseline hypothetical, if you have, say, a couple of thousand dollars per month of Social Security to go with that, then you get to

Source Title:
Is $1 Million Enough for Retirement?

Go To The SourceRead More

Leave a Reply

You may also like

Recalculate Your House Payment In Minutes

error code: 1020 Source Title: Recalculate Your House