Episode 63: Can You Retire on a $1 Million?
Jul 15, 2021
You have no doubt heard the idea that you can retire by starting with $1 million dollars and just withdraw 4% per year. Can you have confidence in this? Today we talk about why this often won’t work.
Here are just a handful of the things that we'll discuss:
- If you are 65 years old, and $1M dollars, spend $50,000/year, and only take 4% of your $1M, your money would only last about 20 years after inflation and taxes
- BUT everyone’s situation is different. Do you have a comprehensive retirement plan that takes into account: Geography, longevity, lifestyle, health care, investment risk, taxes and inflation?
- The key is enough guaranteed income to cover your monthly expenses.
- Start saving NOW to time and compounding is on your side.
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