How much money do you need to retire
One of the most common questions people ask when planning for retirement is: how much money do I really need? There isn't one magic number. The amount you need depends on your spending, guaranteed income, retirement age, taxes, and how long your money needs to last. In this video, Andy Rose walks through a simple framework for thinking about your retirement number and determining whether your savings and income sources can support the lifestyle you want. In this video, we cover:
- How to estimate your actual retirement spending
- Why housing, travel, health care, taxes, and other expenses matter
- How Social Security, pensions, and other income sources reduce the amount your investments need to provide
- How a 4% withdrawal rate can be used as a starting point
- Why your retirement age affects how long your money needs to last
- How inflation and market declines can impact your retirement plan
- Why stress testing your retirement plan is so important
- Why your personal retirement number depends on your unique financial situation The better question isn't "What's the magic retirement number?" It's "How much income will I need, and how can my assets reliably provide it?" If you're getting close to retirement and want to understand whether your savings can support your goals, schedule a consultation with Andy Rose Wealth Management.