How Much Do You Need to Retire?
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- Опубликовано: 30 сен 2024
- How do we determine our “magic number” - the amount we need to retire? Clark weighs in on the debate about how much it takes to be financially secure, and how to start and keep making progress.
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The number is different for everyone depending on your situation and also where you live. It’s not a ‘one size fits all’
The people who say you need $1.5 m to retire are the same people who will make a lot of money from you.
Yes i Agree.
I agree that $1.5M is a good number and I have nothing to gain from you having or not having it.
Exactly 💯
I assume that the 1.5M excludes social security. In other words, you can’t offset from the 1.5M any amounts you expect to receive from social security.
Absolutely Correct Clark !!! Divorced single Man I tuned out all the noise from the" financial talking heads" screaming that you need 1 million dollars to retire. My goal was to have multiple income streams during retirement and i do by having rental income, dividend income from investing and social security. I downsized my living arrangements to a much smaller house. Yes Retirement Life is Very Good and yours can be too on less than 1 million dollars. ❤
People need to pay their house, and bills before considering retiring.
Yes, having one’s debt & any home loans (mortgage, HELOC) paid off long before retirement is key to increasing savings.
Those in my younger generation aren't going to be able to retire. Sadly, it'll be one of those "Remember when..." scenarios when I get older. My last words will be, "Welcome to Walmart," and then be hauled out on a stretcher when I'm 80 something if I'm lucky 👍
Move to Phil or Thailand.. live cheap
Well said!
Then max out your retirement benefits Easy concept
Way to throw in the towel …
😂😂😂😂😂😂
Most people wouldn't want my lifestyle but I live in South America. And in the past the Philippines. I can live easily on my Social Security. $410 for studio apt. Wifi and utilities included. $200 for groceries. 150 for eating outside restaurants. $10 for cell phone. Unlimited talk and text. 10 gigabytes of data. $15 dollars for laundry. Buses and taxis $60. $150 for miscellaneous. Total $995 Monthly expenses.
Its all about expenses combined that with a paid off house. If you have those two things, you won't need nearly that amount.
Agree but take care of your health. That’s all you have.
@@cherylcampbell7495 Agreed, but food nutrition is much worse than previous generations also. We do have better healthcare at a cost now though.
Dang I only have 1.49 million I guess I’m a loser
Understand too, that the insurance company is in the business of selling products to help you retire. I'm thinking that people short of $1.5 Million who are influenced by the insurance company, may be more inclined to seek one of their annuities.
Still doesn’t give a number the average middle class person needs to retire!! Looking for that number.
Net worth 2m …..always lived below my means 🇺🇸 always shop at Walmart ❤
Great topic, I hope you revisit this subject. So very important
I just need land and a small house free and clear maybe enough for dividend checks to cover taxes then my bees can cover the rest.
Suze Orman: utilimate retirement guide gor 50+ I learned a lot of things.
She says you need 5mil!!!
Forget $1.5 million. I heard you have to have $3.5 million in order to have a middle class lifestyle in retirement.
Depends when you plan retire. Right now you need around one million In ten tears around $1.6 million
Keeping expenses low is a quick way to retire decades earlier.
Continually try to lower your expenses regardless of age
Thank you clark for this.video
At 70 now you tell me
Sounds like we all need a side gig. "Chandlers Retirement Life "
Get to $750k and at 10% you have 1.5m in about 7 years. Wait another 7 years and you have 3m. Bam
The current FU number is $2.5 M per person due to inflation and money printing.
Don’t invest in annuity’s. 2% will not make you rich especially after all the fees. ML shame on you.
And after it all you still can’t take from your 401k till 59& 1/2. I try to put money in a brokerage acct so if I can stop working sooner I can pull from it
I don't care about the average retirement savings. what is the median retirement savings?
1:47 Clark is so off on this. Upper middle class has assets and those retirees also have paid off mortgages
Hi Clark, is it okay to just go online to Fidelity or Swab and open CD's or do I need to find an office and actually talk to a real person? Eventually, I want to roll my 401K to IRA CD's for income. What is your advice? Thank You for all that you do for us that are in the rat race and hoping to find a way out someday.
Can all be done online even opening the account
My wife and I both have IRAs there and HSA too
Never set foot in their office, wherever it is
I’m aiming for $3M, with the purpose of living off the portfolio growth/income, without the principal going down. If someone wants to drain their nest egg to zero, they will need much less. Coming from modest roots I’m trying to establish generational wealth.
A lot more than I do!!!
Keep working. The end.
My 10+ millionaire classmate? Much more.. 0:35 $80,000 That’s about where i will be in a few years.. is what it is.. Wife never worked.. raised 3 kids.. Never made more than $70 a year..
Thank you so much for being normal. I have listened to that BS on retirement money for years. For god's sake, you're only going to live 15 or 20 years after up retire at ~70. They act like you need $500,000 a year for 30 years.
I have great respect for you and your body of work, Clark, but I do think you should clearly distinguish whether a specific segment is intended to inform or encourage in the title. I'm more interested in the former but find myself weeding through so much of the latter to find it.