Is 1M Enough To Retire Comfortably | How Much Should I Save To Retire Comfortably


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If you are retiring with $1M, you will either have to live with $33,000 a year or move to a country that still uses horse a primary mode of transportation because there is no way you will live comfortably with that here in the US.

Bloomberg published a study by Morningstar Inc., a financial service company. According to their study People retiring in the next few decades should only count on withdrawing 3.3% of their savings a year, down from the well-established number of 4%, when planning to live about 30 years past retirement.

The 4% rule came from a 1994 study that looked at every rolling 30-year period since 1926. It found that retirees with portfolios made up of 50% stocks and 50% bonds could tap an annual amount equal to 4% of their original pot of money, adjusted for inflation, without risk of outliving their money.

For someone with a $1 million portfolio, that’s a slide from $40,000 a year to $33,000. With pensions a perk of the past and Social Security benefits at risk of being cut, there’s not much of a safety net for people who run out of their own savings.

Now, 3.3% — which Morningstar said is conservative — is less of a suggestion than a starting point. Most financial planners recommend retirees take a flexible approach, maybe taking out more after the market had a good year and less when the market’s down. That tends to lead to people spending down most of their money before they die.

Here is the thing though, this study does nto take into consideration another possible pandemic or another economic downturn or even worsening financial policies that will further push inflation up and the value of your retirement down.

So, don’t count on a $1M portfoli and think that will take care of you for the rest of your life.

Aside from consulting your financial adviser, you also need to further understand the concept of inflation and just how bad it can be considering the faulty financial fundamentals we have in this country.

Our gold and silver investment guide touches on that. You can download a free copy of that in our website, noblegoldinvestments.com.

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