Retirement planning can be overwhelming but don't wait until it's too late to figure out how much you need. In this video, we'll discuss whether $2,000,000 is really enough for retirement and how to avoid common regrets when planning for your future. It's never too early to start thinking about your retirement goals and taking steps towards a comfortable and worry-free retirement.
0:00 – 0:45 DCI partner
0:46 – 1:24 How much do I need for retirement?
1:25 – 4:15 Retirement Plan Overview
4:16 – 7:04 Being flexible with retirement plans
7:05 – 8:11 When $2 Million isn't enough for retirement
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Yes
If $2M is not enough then 99.999% of the world is screwed.
It really depends on what retirement you envision for yourself. The median US household income for those in age group is $50,290 (including SS). I don’t think these folks in any way screwed, but it doubtful that they’re living lavishly either.
That is the first thing I think of when I listen to programs like this. If you don’t have a public pension or if you don’t have millions saved I guess you’re going to be pretty much screwed in retirement.
If the Republician party is successful at destroying SS, Medicare and housing support your analysis will be 100% accurate.
This.
This is just like making a schedule for building something that takes 40 years to do. It needs to be monitored and updated each year at a min. Its only statistically accurate when you get closer to ~5 years from retirement. So keep saving your best and getting any company match you can. Find ways to increase your salary or other forms of income. Way too many options between now and then to mitigate needing a $2M savings.
Depending on their age the young could easily see wage increases of 3, 4 or 5 times their current salary over the course of a 30 to 40 year career.
Especially if Biden stays in power and keeps inflation above 7%
25 times expected income is all you need !
This one has got me puzzled. $2M at retirement(60), SS at 62 of $25k with an $80k spending amount, 5.5% returns with 2.5% inflation? How does this fail after 18yrs?
Agreed. I think what was done here is that the $80K in desired retirement spending was automatically converted to $$$ 29 years from now (@ his 60 retirement). As a result, the $80K takes $164K (@ 2.5% inflation/yr) to satisfy per year with only $2MM. Hence… he gets 18 years which includes some growth and SS. Otherwise, he’d run out in 12 years.
Thanks David, bet you’re right. @@davidmurray6070
I see so that 2 million is in today’s dollars
2 million at 60 isn’t enough. Barely 4% return.. this is ridiculous
What happened to the 4% rule
I could easily retire if I had $2 million, even if I was 20 years old.
I’d say the same. Give me $2 million dollars and I’ll quit my job today. I’m 38
I am sure there is also social security to safe to two million
The more the merrier, for sure, but think I will giving an upraised middle finger to corporate America a bit shy of $2-million………😂
Congrats on the DCI partnership!
Thank you!!
Gosh, 2M should allow you to retire in your 50s almost anywhere… unless you are trying to live large.
Well, almost anywhere. Maybe not Naples Fl or SF or Manhattan or Boston or ….
@@imabeliever85 agreed! 2M even in NH is tough if you want to retire early and remain in a decent size family home. This is one of our primary drivers to migrate to rural TN.
Prices double between 22 and 25 years. Generally. So if he is 31 by the time he turns 67 it’ll be 36 years. My guess is he will need $3 million. That’s my bad math.
He’s saving 12% of 88k so his 80k expectation is too high
At 60, how many years do you have left? As a male I don’t expect to live past 80 if that. 4% withdrawal and SS I think 2M is definitely enough.
Well, I feel so bad for us millennials and gen z if 2M isn’t enough lol
Fair, but It depends on how you want to live in retirement. You can absolutely make it work 🙂
The United States likely won’t be here in 30 years so why does it matter
Physically gone? Or just as we know it?
When do we get numbers for normal people retirement. 51% of people make under 60k.
We absolutely will! We did one earlier this year where we covered the average saving balance and then built a whole retirement plan around that. We also did one around the same time titled “retirement plan for the late starters”, those that don’t have as much. We do those videos pretty regulary. Thanks for watching!
Thanks Dustin good points
it all depends on expenses and figure out the rest is easy. I retired May 2023 with Rule 55 and have $420k saved. Gotta know your expenses.
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