August 9, 2016

Is $1 Million Enough to Retire?

How much do you need to be able to afford to retire?
Lots of people suggest the nice round number of $1 million. There are so many variables that enter into the estimate of how much you might need, beginning with your projected longevity. Use 3 online longevity calculators to get a ball park estimate. How much will you be eligible from Social Security and are you willing to wait until your true "full retirement age" of 70 before you claim benefits? Will you be eligible to collect a pension? If so, will it be inflation adjusted? What are your retirement plans: world cruises and plenty of travel or puttering in your garden and volunteering locally?
A Motley Fool article by Maurie Backman addresses some of these factors to help you decide. Of course, a consultation with a financial professional who is a fee-only fiduciary (look that up on this blog) can help you decide on a reasonable goal and, more important, how to reach that goal. But check out:
For those of you who despair of ever having "enough" read Ralph Warner's book: Get a Life: You don't need a million to retire well.


  1. I’m sure I would feel great if I would have $1 million for retirement! It’s a really nice round number, isn’t it? To be serious, I hope to save as much money as possible because I don’t want to work after my 50ties. Moreover, I don’t want to look for a job in my age and don’t want to have a need to use top resume writers reviews to create a resume. That’s why I work hard now and build my retirement savings. If you want to get exactly what you want so you must rely on your own self. Don’t wait that the government will provide you when you will get old.

  2. Of course, this option is very attractive, for me personally this option would be absolutely acceptable. But for mow, I have to work at the best essay writing services by and it gives me an opportunity to earn some extra money.


Financial Planning for Women does not sell, rent, loan, lease or otherwise provide any personal information collected at our site to any third parties.