How Much Do You Need to Retire in 2023?

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Title	:	How Much Do You Need to Retire in 2023?
Lasting	:	12.50
Date of publication	:
Views	:	23 rb

Yes The number that replaces my take home pay today with room for cost of living increases
Comment from : Dave

214 Million in 2045
Comment from : kevin mills

I need $10,000,000 Do you help people like me ?
Comment from : John Kraemer

$100K/yr to retire? how about $30k?
Comment from : P Leopold

We'd love to have $12K/mo after taxes adjusted for inflation The problem is making that much before being forced into retirement More realistic is having $8K/mo after taxes
Comment from : Jermaine Stewart

yes
Comment from : John Parsons

yes
Comment from : Normand Simard

Glad to see your video on my feed I used watch a few other YouTubers and followed trades of a couple of em I'm down so much so I stopped watching altogether…210k to 80k It got addictive My resolve is the lot are amateurs
Comment from : Rtd Workaholic

I want to live on whatever keeps me in the 12 tax bracket
Comment from : THEDEERKING

Two plans:br1 I did a detailed analysis of income/expensesbr2 I simply look at my bank account each month Is it consistently dropping every month? It has been slowly creeping up even in retirement Income sources: My SS, wife’s small SS, pension ($2,455/mo), and my required RMD
Comment from : CheckThisOut77

My number is 1 million at age 62
Comment from : David Lee

We have a number We've been tracking current expenses (bottoms-up), but also researching cost of living in a few different locations (top-down) so that we understand options if or when we movebrbrWe'll eventually have three income sources between a pension, retirement savings, and eventually social security Planning to use the time between retirement and taking social security to do Roth conversions to help our future tax position when we do take SS
Comment from : Erick Arnell

I need twice as much as I think I need
Comment from : John D

Yes
Comment from : Henry Rivas

Financial books have been so helpful I’m 54 and my wife 50 we are both newly retired with over $3 million in net worth and no debts Spending time with our children and grandchildren! Currently living smart and frugal with our money We also moved out of a high property tax, high crime city into a peaceful small town! No longer putting blames on FED for our misfortunes Saving and investing lifestyle in the stock market with the assistance of a licensed broker who we met at a financial seminar made it possible for us this early, even till now we earn weekly
Comment from : Rick Jameson

Ahhhhh…if it was as easy as only knowing 2 things to determine how much you need to retire!!
Comment from : NipItInTheBud100

Yes do Expenses will be $5000 a month
Comment from : RD Robinson

Yes we have a number in mind We will have 2 pensions and 2 SS checks My wife retires in 3 years but I will continue to work 5 more (to get my pension) Those streams of income will more than cover our expenses (some which we won’t have in retirement) Our TSPs and Roth TSPs will cover all the extras that we want to do in retirement (travel, hobbies, etc) We feel very blessed to be in a good position
Comment from : Paulette Pierre

Yes, I have a number 10k
Comment from : steve kaplan

This is just what I needed My spouse and I were talking about how much we need to retire I said i was happy my stocks were finally going up, and i was over 225,000 He said we each need 13 million We are factory workers in wisconsin, with a pension at each of our workplaces I didn't dispute his beliefs, but in 10 years when I turn 60 and him 58, he will be floored to realize we should have enough His understanding is ss will be nothing, and so will our vested pensions
Comment from : Sara Herman

Yes, we do have a number We are living on 1 SS, 1 defined pension and supplementing the gap with my passive dividends Im waiting 3 more years to collect my maximum SS at 70 Debt free with only everyday living expenses Thank you for the video
Comment from : Cash Flow 68

What is complicated, and difficult to “normalize” into an “average scenario”, is that the withdrawal percentage needed from the portfolio likely changes with time Many people retire prior to the most beneficial time to start drawing Social Security, so their portfolio must provide a lot higher percentage…maybe even 100 percent of their spending needs…for a number of years And they’re taking these in the most dangerous time when sequence of returns risk is highest Adding the complexity of the “spending smile” over time creates another layer of difficulty In other words, wouldn’t someone’s number be quite different (likely higher} if they don’t have the additional income sources immediately at retirement? Is there a withdrawal percentage for the first five years of retirement that is too risky? What if 4-5 works after Social Security kicks in, but before that, 10 withdrawals would be needed Is there a way this can be mapped out in a video? It seems many more people fit into this scenario than the two that were given in the video, where the supplemental income sources were available (and optimized) at the beginning of retirement
Comment from : David Albright

Yes, I have a number but still working out what my portfolio diversification should be
Comment from : Pete Beck

I have been tracking all expenses this year and spend $7100 per month on average That includes $1300 in monthly expenses that l won’t have in retirement I have a $70k pension that will have a 2 annual cola I am well past my number with other savings, but am only 44 Working one more year until 45 to pad my savings Planning for 30-40k annually in addition to my 70k pension Why do l feel like l need 150-200 of my actual number?
Comment from : Tiffany watkins

i reckon $600K
Comment from : Adam Sinclair

Yes
Comment from : Renee Bernadette

I wish he would use more conservative withdraw rate5 would make me nervous
Comment from : David Chi

$7000 month
Comment from : The Who

Yes 2 million and no
Comment from : fasteddy333

Any thoughts about planning for retirement with the SS cliff coming for those who hit full retire in 2033? The coming 25 cut needs to be addressed
Comment from : J Dean

Yes, we have a number and are on track to retire early I have been keeping an accurate monthly budget for a few years, so I was easily able to calculate what we will need in retirement -- the bottom-up method And of course I removed some costs that I know will go away, and have added some cost estimates for things we don't need now but will in retirement, such as health insurance
Comment from : Dave Sherman

I am good at 13 million but will wait until 65 and I can have medicare
Comment from : steve s

We've been tracking our expenses for a while now, so we know what our withdrawal "paycheck" needs to be We'll also need to be able to project "income" for our ACA insurance plan (both of us are pre-Medicare age) You have to know these numbers to adjust your plan as you go along There are SO many variables, market returns, allocations, black swan events, medical bills, "incidentals" like water heater, transmission, air conditioner, etc Treat your plan as a baseline from which to deviate as necessary
Comment from : 401KDexters

Yes I have a number but I’m not sure when we are going to get there!
Comment from : Voncille Demesa

You are not retired if you need a part time job for income, you are semi retired
Comment from : Mark Bajek

The real questions is what are your expenses AND what is your income brThe "number" is pretty meaningless ( because you can't depend on it) You need to understand your cash flow
Comment from : V p

I have my fixed monthly right now That is just over 1/2 our ss payments Beyond that if I used the 4 rule, we would have more per month than we ever had with no car or house payments I do not even know what to do with it
Comment from : clbcl5

No debts is the key! And a consistent COLA pension😊
Comment from : johnnyboyvan

If you need $100K to live on, you're going to need to have around $125K coming in so you have money to cover your taxes
Comment from : North Bridge

Yes, I have my number and seems to keep going down the longer I work :)
Comment from : Vivek H

Yes 800k will be enough for me I feel lucky to know when enough is enough I know several couples who don't seem to have enough ever
Comment from : Steve Mlejnek

Yes, I know my number
Comment from : Greg Moses

What future tax rates are you using for your clients' financial plans?
Comment from : Christopher Stewart

We love your videos You explain everything so simple that even we can understand 😅 Thank you!
Comment from : glockman99

Whatever that amount is will be either too much or not enough I will just learn to survive each day as it comes and not worry about it
Comment from : Gary xyz

Yes, we had a number But with South Florida’s drastic rise in home owner’s insurance and real estate taxes on the coast, we kept having to shoot for a higher numberbrPlan B: which was a good one Sell the house and move to a lower cost countrybrCurrently in Mexico Ecuador was our 2nd choice
Comment from : Mexicolivingeveryminute

I have a number goal but not an ultimatum 58yr old nowgoal at 62 11M, but will reasses when I get closer depending on the stock market
Comment from : Bruce D

Nice video James I have a number, but living in SoCal has been costly Looks like I may have to retire to Mexico if inflation stays elevated I only wish I had found this channel over 20 years ago Many thanks & have a great weekend
Comment from : Out2Day

Yes
Comment from : Ann Moon

First, finally, great video
Comment from : Financial Education 101

Great stuff James!
Comment from : James Shack

Thank you James Awesome content I am retired on a pension I am 62 and have almost a million in net worth I moved to a low cost of living area and plan on living on 25K per year, even though my income is 250 to 300k per year
Comment from : Darrell Bratton

3 1/2 years from retirement and we always had a number, even if it has changed over the years
Comment from : Tim Ladig

Yes, I have a number Actually three numbersbrMy goal is 11 to 12 at 64 orbrIf I have 13 at 63brbrMy back up plan in case of I get tired, sick or unemployed Which is about 40k a year till 70(so when I'm 60 in an emergency I'd need 400k)
Comment from : john gill