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You're listening to Ramsey Everyday Millionaires, where we talk investing, retirement, building

wealth, and outrageous generosity.

Today's question comes from Thomas and Colorado, he says, I'm struggling to know how much

we actually need to retire.

I'm 54 and currently have 1.4 million in a 401k, which sounds like a lot to me, but

I don't actually know how fast we'll burn through that.

What's the best way to know how much I'll actually need?

So I'm thinking about the goal, you don't want to burn through your nest egg, right?

You want to have it invested in such a way that you're able to live off of the interest

and not really touch the nest egg is what I would say.

So that would be my first thought is I would use a calculator and kind of run this back

and go, okay, what's the income that I think I'm going to need and get that number?

And then, okay, what does the draw off of my interest need to be?

What does my nest egg need to be so that my draw can equal that?

So I'm kind of reverse engineering it in that way.

And then there's also the part of this, you know, you're 54.

I'm thinking, okay, you've got 1.4 million now.

There's a good chance that in seven years, it could double.

And that ain't bad.

Yeah.

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