How Much Savings Do You Need To Retire?

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  • čas přidán 13. 01. 2019
  • Setting a retirement goal is an important first step to planning and investing for retirement. But how much do you need to save? In this video, I talk about some of the biggest decisions you need to make in determining your retirement savings need and show you some savings goals you can shoot for.
    For more information and printable charts, visit:
    www.smartzonefinance.com/how-...
    Visit my blog at:
    www.smartzonefinance.com/

Komentáře • 47

  • @eltonjonathan670
    @eltonjonathan670 Před 2 lety +86

    too many people who prematurely died worrying about saving as much money as they could for retirement and never enjoying it. The whole point of retiring early at 62 is to enjoy your retirement.... that's it. S0, when people say, yeah, I'll be getting more money when I'm 78, 8O or something, I have to ask.... will you have enough energy or be in excellent shape to enjoy it? Maybe they will, but, you just never know. My advice is, enjoy your retirement earlier, be thankful that you can retire and use the m0ney now while you're young enough and have energy to d0 this.

    • @eltonjonathan670
      @eltonjonathan670 Před 2 lety

      retired after finding out how profitable f0rex , st0ck and crypt0 investment could be , all thanks to my portfolio manager Stephen H Briggs who made me see the other side of not doing 9-5.

    • @eltonjonathan670
      @eltonjonathan670 Před 2 lety

      Most failures and loss on Investment usually happens when you invest without proper guide and the analysis of the profit and risk percentage of the Investment, having a portfolio manager like Stephen H Briggs is more than a blessing , that man is a genius when it comes to making profitable investments, God blessed the day i came across Stephen

    • @charlotteroy1851
      @charlotteroy1851 Před 2 lety

      wow seeing good reviews about Mr Briggs is heart warming, i started investing with him bout 2 months ago and i have seen much improvements in my finances, his well detailed understanding of the market can't be over emphasized.
      could you believe he turned my $4800 investment to $26000 in barely 20 days,that's more like a magic to me.

    • @eltonjonathan670
      @eltonjonathan670 Před 2 lety

      you connect with Stephen on t e l e g r a nn

    • @eltonjonathan670
      @eltonjonathan670 Před 2 lety

      *STEVEBRIGGS* t e l e g r a nn

  • @rhyspowell9426
    @rhyspowell9426 Před 3 lety +2

    Lots of people saying the 3% is very Conservative but personally I like the worst case scenario projection.
    It shows that it is very possible even if your money grows very slowly.

  • @superduper9357
    @superduper9357 Před 3 lety +3

    As I'm planning to retire in 2 years at 55, I am watching a lot of these videos but this is one of the best breakdowns I have seen regarding budgeting for a lengthy retirement. Although this was US focused it is still relevant to where I live in the UK.

  • @WealthyTiffany
    @WealthyTiffany Před 3 lety +2

    Awesome breakdown, love the charts! I followed the 4% rule on figuring out when I could retire and investing in real estate is what helped me to retire early. I know there's lots of different ways to retire and figuring out how much you'll need to retire, but those were my preferences!

  • @bluesman97
    @bluesman97 Před 3 lety +3

    In this country.. you'll never have enough.

  • @ariefraiser140
    @ariefraiser140 Před 4 lety +1

    Most people that successfully saves for retirement, especially tgose that retire early already live on at least 10% less then their salary. So instead of using salary look at your current expenses as a baseline for retirement income and adjust accordingly as you get closer to retirement and have a better idea of what you will be doing in retirement.

  • @DR17dede
    @DR17dede Před 3 lety +2

    Fantastic video. Very easy and clear to understand and the printable was really really good. Thank you for doing this.

  • @salmaabdulmajeed9888
    @salmaabdulmajeed9888 Před 5 lety

    All the info put very well with out professional big words.

  • @dougsowell
    @dougsowell Před 3 lety +3

    Studies show people spend less and less as they get older. So there is that to factor in. Probably won't need as much as most people think.

    • @howellwong11
      @howellwong11 Před 3 lety +5

      That is true and I am 88 years old. I got money that just keep pilling up. My kids will be happy. To those who think that I am rich; I have never made more than 50K a year. Good financial planning is the key.

  • @ariefraiser140
    @ariefraiser140 Před 3 lety +3

    3%? That's not conservative. That's one step above put my money under my mattress. 5% is as conservative as I would project. If I can't average at least 5% annually in retirement I'm doing something wrong.

  • @wiley238
    @wiley238 Před 5 lety +1

    This depends on what you are willing to be comfortable with. If you are happy and can live completely on 11,000 dollars a year (example) and you plan to retire at age 66 you should multiply 11,000 by the number of year you expect to live after the age of 66 and pray for good health. Just a basic figure.

  • @conureron3792
    @conureron3792 Před 3 lety

    Very useful! Thanks!

  • @sinebar
    @sinebar Před 3 lety +1

    If you are a big earner then yes you can save a lot of money for retire but most people aren't big earners. Low income workers are spending most of their money just trying to survive.

  • @KhandokarRobi
    @KhandokarRobi Před 2 lety

    LOVE IT

  • @michaelexman5474
    @michaelexman5474 Před 5 lety

    What kind of hobby do need to begin to retire

  • @anadollcrazy
    @anadollcrazy Před 3 lety +2

    3% return is just way too low if you compare it to historical figures. 3% is way ultra conservative in my opinion.

    • @peterhoffman8525
      @peterhoffman8525 Před 3 lety

      I agree. I think at least 4 or 5% would be more accurate. We have been retired 7 years and have always earned at least that much every year (and sometimes quite a lot higher). Of course, past performance is not a guarantee of future performance, as they say!

  • @dicklongmire6836
    @dicklongmire6836 Před 3 lety

    Great video. How much would one need to save to be able to retire at 55 on $40,000?

    • @superduper9357
      @superduper9357 Před 3 lety +1

      Looks like about 1.2 million!

    • @Columbus1152
      @Columbus1152 Před 3 lety

      @@superduper9357 -Not really, to retire at 55 and a 40 year life expectancy, you would need about 1.6M using this simplistic formula. Retiring early also has to take into account medical coverage (in the states), and full reliance on savings until FRA where SS kicks in. Pulling more in the beginning of the withdrawl phase can increase the likelihood you might outlive your savings.

  • @JoeyBullet222
    @JoeyBullet222 Před 5 lety +3

    It's just too bad life expectancy is drastically shortened the day you retire. Every person i know that has retired has immediately gotten ill, had amputation, or died within 6yrs of retiring...kinda like a vehicle that starts breaking down right after you pay it off.
    My opinion, dont plan too far ahead because life doesn't care about your plans.

    • @dianah.9718
      @dianah.9718 Před 5 lety

      Yikes😫

    • @kappster1
      @kappster1 Před 4 lety +2

      That is why one should retire as early as they can afford to.

    • @superduper9357
      @superduper9357 Před 3 lety

      Do they come to you for advice on how to remain upbeat?😁

  • @PH-dm8ew
    @PH-dm8ew Před 2 lety

    so i cant click thumbs up or down. 1 % net is a bit poor, but considering that the stock returns of the last 10 years have been artificially inflated (fed, stimulus etc) future returns might only be 1 or 2 percent net. (worse) also i think actual spending needs to be addressed and not only using past gross income.

  • @justinbeghly1435
    @justinbeghly1435 Před 3 lety

    3% return ? That’s way too low

  • @billrichardsjr
    @billrichardsjr Před 3 lety

    3% return? Silly.

  • @geetarbube
    @geetarbube Před 5 lety +6

    Live to 95?! Hehe...ok

    • @davidbown2707
      @davidbown2707 Před 3 lety +1

      Plenty of people love till that age

    • @georgeemil3618
      @georgeemil3618 Před 3 lety +3

      My calculations take me to 100. That's a safe margin to ensure I won't outlive my money and to leave the next generation a little something.

    • @medebarr
      @medebarr Před 3 lety

      I’m gonna drain everything I can from my pension.

    • @georgeemil3618
      @georgeemil3618 Před 3 lety

      @@medebarr Not all at once I hope.

  • @DRCole-kq2wk
    @DRCole-kq2wk Před 3 lety

    Wait a minute......"can you imagine being in your late eighties and having to go back to work because you have run out of Money"......give me a break, I am an accomplished 63 year old retired financial executive and I could not get a job as a city clerk now if my life depended on it, and an 89 year old is going to try to look for a job? If I am ever in that position, all I need is a credit card, a bottle of scotch and a ticket to a good euthanasia outfit......