Do you need $1 million to retire, and how much income can you expect with $1 million saved?

We’ll look at examples for single and married households with different levels of Social Security income. We’ll also see what things look like at different asset levels, whether you have $1 million, $500,000, or some other number.

Ultimately, the goal is to figure out if you can retire comfortably on $1 million in savings. Or at least start figuring that out.

CALCULATOR: 🖩 Want to run these numbers for yourself? You can. There’s a calculator here that does the same calculations as you see in the video (it looks different but uses the same approach): https://www.approachfp.com/do-you-nee...

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While these types of calculations are helpful—they give you quick back-of-the-napkin answers—they aren’t perfect. We’re really just looking at withdrawal rates and an estimate of your retirement income. It’s really best to do more detailed planning after you get a basic idea of what might be possible.

Note that you might need $1 million or substantially more, depending on your situation.

More on this topic:
Taxes you might pay in retirement:    • Taxes in Retirement: Why You Still Pa...  
How much might healthcare cost?    • Healthcare in Retirement: Costs and Tips  

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CHAPTERS:
00:00 How Much Do You Need?
00:55 Do Most People Have $1 Million?
01:45 You Might Need More
03:09 Assumptions: Withdrawal Rate and Income
03:38 Examples and Calculations
09:41 What Else Do You Need to Know?

IMPORTANT:
Use these numbers and calculations at your own risk. You can always run out of money, and especially when using simplified calculations. It's impossible to cover everything you need to know in a video like this. The only thing that's certain is that you need more information than this. Always consult with a CPA before making decisions or filing a tax return. This is general information and entertainment, and is not created with any knowledge of your circumstances. As a result, you need to speak with your own tax, legal, and financial professional who is familiar with your details. This video is not a substitute for individualized, personal advice. Please verify with your plan administrator when employer plans are involved. This information may have errors or omissions, may be outdated, or may not be applicable to your situation. Investments are not bank guaranteed and may lose money. Opinions expressed are as of the date of the recording and are subject to change. “Likes” should not be considered a positive reflection of the investment advisory services offered by Approach Financial, Inc. The Comments section contains opinions that are not the opinions of Approach Financial, Inc., and you should view all comments with skepticism. Approach Financial, Inc. is registered as an investment adviser in the state of Colorado and is licensed to do business in any state where registered or otherwise exempt from registration.