Why Your “Number” Is Not as Important as You Think

No, not your phone number, that you reminiscently recall being asked for in grade school.

You know, the magic number that will allow you to retire comfortably? Yeah, that’s the one.

Have you ever wondered what yours is? Have you calculated it? Do you know how much you need to save to make it work?

Retirement planning has an appalling number of faulty assumptions that are leading masses of people astray, including:

1. That having $1 Million dollars is enough money to retire.
2. That you can know how much money you’ll end up with, based on average rates of return.
3. That you can save enough during a 45-year career to retire and live off of for the next 30+ years without running out of money.
4. That you can know how much income you’ll want in the future.
5. That losses in your portfolio are easy to recover from.

In this week’s episode of Money Secrets, we’ll break down an actual example to see the shocking amount that a person would need to save just to live on a modest $60,000 annual income during retirement.