Can You Retire Well on LESS Than a MILLION Dollars? | Coffee Talk
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- Опубліковано 5 жов 2024
- Do you have to have over a million dollars to retire and retire well? We answer that question in this video.
In 2019 the AVERAGE retirement savings breaks down like this:
$426,000 age 65-74
$357,000 75 & older
That is WELL below a million!
The median group statistics:
$164,000 Ages 65-74
$83,000 75 & older
The amount you need to have saved to retire has so many variables. Most of which depends on where you live and your lifestyle.
Don't put off retirement thinking you have to have over a million dollars in the bank first. It's NOT true!
You can have a GREAT retirement on a fraction of that!
Think about:
Where you plan to retire and what's the cost of living?
Do you have any debt?
What will be your healthcare costs?
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Keith & Terri
I am actually leaving Colorado in about a year and a half when I retire. Because I can buy a house outright on the East Coast and live comfortably with what I have.
@@ColoradoMartini great plan!
I think a lot of people only count their 401ks towards that million dollars. When it's actually your social security, plus what you have in your retirement accounts.
@@ColoradoMartini you’re right
Well, I certainly hope so! I'll be certainly below a million...way below a million! I'll see come January how everything shakes out as I'll be taking a year to track everything that comes in and goes out and see how it all looks.
Exciting times preparing for retirement! You’ll love it!
Good morning ☀️ Keith & Terri! ☕️Acquiring wealth, building wealth for retirement has become daunting in the past few years. I see inflation numbers for food, gas, electricity, and insurance at 20%. Wait, what? Are economists living in the real world? Our basic costs doubled and in some cases tripled. Try not to delay retirement. Life has no guarantees. We live well but are not wasteful. Have a great day!
We are the same! We live well but still frugal and try to be wise with what we have. Have a blessed Sunday!