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Having a million dollars saved for retirement isn’t providing the type of confidence that it used to for pre-retirees, and many people feel like they’ll need a little luck to be successful in retirement. Is that really the case and what’s a more realistic target number today? We’ll take a look at a recent article detailing the fears many Americans have and talk about how you can combat some of these worries.
Everyone wants to know what their retirement number needs to be but there are going to be a variety of factors that go into determining that. We work with some clients who will live comfortably on a million dollars and others that will need $3 or 4 million to live the lifestyle they want. The key is building an income plan that takes everything into account to help give you the confidence you need to walk away from that paycheck.
Here’s some of what you’ll learn in this episode:
- The key stats from this CNBC article that we want to highlight. (3:31)
- The impact of inflation on the amount you’ll need to have saved. (6:34)
- The reasons why you should pay attention to this article. (8:40)
- Why the target of $1 million might not actually be meaningful for you. (12:27)
- Ways that you can combat these fears. (17:49)
- How we help clients understand how much they’ll need for retirement through income planning. (20:06)
Thanks for checking out this episode of the podcast. If you’d like to learn more about financial and retirement planning, check out our YouTube channel here.