According to a recent investigationonly 4% of Americans have at least $1 million in retirement savings, which means 96% of us don’t.
Of course, depending on your situation, a million dollars may be overkill: many people could finance their retirement years for much less. Still, it’s a nice round number, and one worth pulling off.
Obviously, though, that’s a lot of money. Is it even possible to get there? In a word, yes. And that’s what we’re going to talk about today: building a million dollar nest egg, and just as important, how to figure out how much you’ll actually need.
Remember, even though we sometimes talk about specific investments on this show, don’t take them as recommendations, because they’re not. Before investing in anything, do your own research and make your own decisions.
You can watch that episode below, or if you prefer to listen, you can do so with the player at the top of this article. Or, you can download the episode wherever you get your podcasts:
Is a million dollars enough to retire?
That sounds like a lot of money, but is $1 million enough to retire? What you really need to do is figure out how big your nest egg is and go from there. Whether $1 million is enough depends on your own situation.
Tips for building a $1 million nest egg
Ready to build your wealth? We talk about the ways you can get your nest egg up to that elusive $1 million bar.
Meet this week’s guest, Roger Whitney
Roger has been a financial advisor for over 25 years and hosts the award-winning show Retired Answer Man podcast. He’s on a mission to change the way the world thinks about retirement, one small conversation at a time.
Roger started the Rock Retirement Club in 2018 to help create a safe online space for future retirees to learn, plan and interact with other like-minded people on the road to retirement.
As if that weren’t enough to keep him busy, he’s the author of “Rock Retirement: A Simple Guide to Help You Take Control and Be More Optimistic About the Future,” a Forbes online contributor, creator of the planning process financial nimble, and former instructor of the CFP Retirement Planning & Employee Benefits certificate program at the University of Texas at Arlington and Wealth Management at Texas Christian University.
Investopedia named him one of the 100 Most Influential Advisors 2017-2021, and he won the Plutus Awards for Best Financial Planner Blog (2019) and Best Retirement Blog (2015 and 2017).
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Stacy Johnson founded Money Talks News in 1991. He is a CPA and also licensed in stocks, commodities, major options, mutual funds, life insurance, securities supervisor securities and real estate.
Miranda Marquit, MBA, is a financial expert, writer and speaker. She has covered personal finance and investment topics for nearly 20 years. When she’s not writing and podcasting, she enjoys travel, reading, and the outdoors.
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