How Much Do You Need to Retire?

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Title	:	How Much Do You Need to Retire?
Lasting	:	15.40
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Views	:	21 rb

People with the top 1 of net worth in the US in 2022 had $10,815,000 in net worthbrThe top 2 had a net worth of $2,472,000brThe top 5 had $1,030,000brThe top 10 had $854,900brThe top 50 had $522,210
Comment from : yt12363

Ditch your financial advisor and you get a free 1-2 more to withdraw
Comment from : Southern C

I am 54 and hope to retire at 56 Although I'm not exactly a FIRE candidate, I am using the FIRE formula of "30x Yearly Expenses" as the amount that I want to reach before I can retire It may seem excessive to some but I want to be conservative in my starting number (not necessarily in my investments)brI have kept a very accurate account of my expenses over the past 15 years However, one problem that I came across was to smooth out the Yearly expense number because some years see very high expenses (eg one time Home improvement projects) while others see very low expenses (eg during COVID I spent on nothing but bare necessities) So I am trying to use a 3-year or a 5-year rolling average as the Yearly Expense number brI wonder what others have to say about this strategy
Comment from : Manish Sabu

Payoff your mortgage and any debt before retirement and you will need less money than you would think Without the mortgage we would only need 40K yearly It is better to have more money in your retirement, don’t get me wrong but when you retire you will spend less unless you will be going on vacations more than once overseas Anyway, I am building generational wealth so my goal is to have atleast 10M at 70
Comment from : Miss Gui

Positive advice for a young onethanks to you
Comment from : ely casinillo

$25m USD in a dividend portfolio yielding 4-5 yearly So you can live comfortably and still reinvest for family legacy and a long life
Comment from : Damian Badalamenti

I feel that we need minimum three buckets for retirementbrOne is income to cover minimum of your expenses brSecond to have a home to live in fully paid for brThird is cash savings for emergency fund brFourth is investments that grows at market rate…,
Comment from : T M

I'll be 66 when I retire in The Philippines 4/2024, with (starting) assets of $220,000 savings, $1,800 monthly SSI, $900 monthly interest income, about $1,500 monthly income from (about) br50 hrs of work and NO DEBT I'll have a $2,000 (or less) monthly budget (which includes a top, private health plan) and this plan will enable me to live VERY well and SAVE about $30,000 bryearly, so in 5 years my savings will increase to about $400,000 which will continue to grow I think my plan will do the trick for the rest of my life, and living in The Philippines is the key to brmy successful retirement/savings plan, as the cost of living is (overall) about 50 LESS than The US
Comment from : CD Morrissy

For a retired couple, I recommend no debt, no mortgage, no car payments, $500K in cash to ride out down markets, and $2M invested in the S&P 500 Draw down 4 to 6 per year depending on your needs At $2M your investments have reached critical mass where your money is making real money and will last 30+ years
Comment from : Dr MitoFit

About 4 million If I had 2 million right now I could retire and not change my living situation My guess is in 20 years I’ll need 4 million to retire at 62
Comment from : Gary Widom

There's never enough money to retire
Comment from : Tobirama

According to another You Tube retirement expert 2 million is NOT enough
Comment from : DRC

The big one that comes out FICA
Comment from : B Runner

Doesn't matter what you think you are doing for retirement I became disabled at 58, had to live on savings 4 yrs til disability came through Totally upended the course of life
Comment from : Cheryl Carlson

Need $25MM net worth Single guy in HCOL
Comment from : Gay Moderate

Just multiply what you plan to spend per year by 25
Comment from : DK

I wish your examples were more real world I think the majority of Americans are not even close to having a retirement that pays $100k per year Most don't have pensions and now SS is being looked at to reduce benefits in the future by Republicans A significant portion of the US population don't even have $50k saved for retirement Sad states of affairs in the US
Comment from : j E

My name is rich I am 72 I do not have any debt I have 500 thousand in the stock market I own my condo I own my card my income is about 2500$ a month way more than my bills I started at 24 making my retirement I take to vacations a year with out touching my profoolow I think for a high school drop out I started my own bussiness at 30 years old… I did great I retired at 30 I got divorced at 40 years old an gave up half An I am still ok Rich from Naples fl
Comment from : Richie Loadenthal

I have a military retirement, VA disability now…I work for a state corrections…if I retire now I’ll have $3800 monthly and I have $1200 state retirement and $600 SS deferred until 62…I’ll also have $1000 a month for 15 years (deferred comp) I’m still afraid to retire
Comment from : Chuck 555

Bottom up approach will bring peace of mind Track everything, we use Quicken and have for 20+ years This allows us to know where every penny goes I don't have to guess at my retirement expenses, I know exactly what I spend to live and created a retirement budget based on that number
Comment from : Tom P

great video as always James!
Comment from : tyler watkins

Retired Time is Best Time for my & You Life !br#Retired4You
Comment from : Retired 4 You

25 MM
Comment from : Jon Galer

i need $840,000 to retire at 63 - $540,000 for normal retirement age to live comfortably for a single and as retiring pre 67 an additional $200k for the additional 5 years
Comment from : Adam Sinclair

Always helpful Thank you
Comment from : Barbie c

64 have 520k i need 4k a month Doable?
Comment from : For The Love of The Shave

James, is there a good software you can recommend for those of us who don’t have access to the professional software financial advisors use?
Comment from : M Lau

I retired last October and just turned 65 with right at 1M in my portfolio, no credit card debt, no mortgage, it's paid off in full We are pulling out $4000 after taxes a month and living very comfortably Even with the current economic environment my mixed portfolio is doing very well I don't plan on pulling my social security until I reach my FRA My wife and I meet with our financial adviser/planner every 2 months just to stay on track and make any adjustment if needed
Comment from : The Casual RVer

$2000 a month
Comment from : McLean

A top down approach is absolutely worthless Your expenses are what matter, not your current income If you have accumulated a retirement fund you have clearly demonstrated that your expenses don't match your income
Comment from : Jerry Labat

The smartest guy in the room, James Conole, is
Comment from : David Folts

Dynamics are what makes these calculations difficult I'm stunned some computer programmer hasn't written the ultimate retirement calculator to include options like mortgages or cars being paid off in different years of retirement or collecting Social Security at different ages When I retired at 56-1/2 I was withdrawing $6k per month At 61 I was able to reduce that down to $3k per month In 7 years, at 70, I will begin to draw Social Security (currently forecasted @ $4k/month) Even in those numbers, there are gray areas For example, that 3k withdrawl, I withold 20 federal taxes because I'm converting $80 - $100k per year to Roths When I get to Social Security, I will be paying very low taxes so I will have a much bigger "paycheck", even considering inflation My point is, people need to be able to do calculations and financial planning bror trust a stranger with their money
Comment from : Hog roamer

It's been my experience that people estimate that they'll live far longer than they actually do People should be realistic in their expectations - those that are 65+ thinking they have 20 - 25 years of retirement to plan for are borderline delusional I'm in perfect health and don't think I'll live much past mid 70 (twenty years) - and I have planned that way I have never heard someone say that they "out-lived" their retirement - but, I have heard countless stories of people dying long before they even started to enjoy retirement Retire now - not later
Comment from : hagakuru

$3,000,000
Comment from : Gone Retired

I've math'd out my retirement for several scenarios With the 4 rule, my portfolio "should" increase through retirement However, if I let the market-based portfolio sit untouched for 6 or 7 years, I can actually go to 5 or more Reality is, it will be fluid, year to year, based on my retirement needs, retirement streams, and market value I don't have a specific retirement dollar amount I have to reach, I have retirement streams (pension, SS, 401k, PERA, etc) that will vary in value over time
Comment from : Scotty

We need $1,750,000 Not including real estate asset
Comment from : Jean-Claude Bertrand

I have an answer to both how much I need and want to retirebrI want 11 million at 64 but I could retire at say 60 with about 800k
Comment from : john gill