How Much Do I Need to Retire?

The crucial conversation when it comes to retirement is all about how much you need to have saved. The traditional $1 million benchmark doesn’t have as much staying power as it used to. In fact, a recent study found that Americans believe they need at least $1.5 million to retire comfortably. 

We’ve found that most people believe they’ll need a lot more saved before they can retire or they feel like they need to work a lot longer than they actually do.

So what’s the true answer? Well, it’s different for every individual but today we’ll look at the data and break down the numbers to help you get an idea of how much you’re going to need to retire. 

 

Here’s what we discuss in this episode:

0:00 – Intro 

2:26 – Why people think they need more than they do 

3:40 – Results from a study

5:15 – Average annual income

6:35 – Single withdrawal amounts

12:21 – Married withdrawal amounts

16:12 – How much saved for single people

22:15 – How much saved for married people

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Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.