Ep 85: Is $1 Million Enough for Retirement?
Manage episode 351010650 series 2891513
By Scott Sierens. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.
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.
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)
Read the CNBC Article: https://www.cnbc.com/2022/12/02/35percent-of-millionaires-say-they-wont-have-enough-to-retire-report-finds.html
Additional link used on this episode: https://www.usinflationcalculator.com/inflation/current-inflation-rates/#:~:text=The%20annual%20inflation%20rate%20for,ET.
Read more and get additional financial resources here: http://lifemoneyshow.com
Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ
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