How Much Money Do You Need to Retire?
Be Wealthy & Smart
Linda P. Jones
4.8 ā¢ 883 Ratings
šļø 27 September 2019
ā±ļø 12 minutes
šļø Recording | iTunes | RSS
š§¾ļø Download transcript
Summary
Learn how much money you need to save for retirement.
I'm often asked how much money is needed for retirement?
First a few statistics from my prior podcasts:
- 45% of Baby Boomers don't have any money saved for retirement
- The average American in retirement spends $55,000, but 60% of Boomers thought they could get by with less than $55,000
- In about half of all married couples over 65, one partner will survive to at least 95
The link to the article is here.
This podcast gives you milestones along the way, so you can see if you are on track for retirement.
If you're not on track, I suggest you read my book,Ā "You're Already a Wealth Heiress, Now Think and Act Like One: 6 Practical Steps to Make It a Reality Now!"Ā and/orĀ complete the short application below to find out how to invest for growth, what asset allocation I recommend (with ticker symbols, percentages, etc.) and if the VIP Experience is a good fit for you.
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TODAY'S SPONSOR
I want to take a few seconds to tell you about how I "read" more books and stay ahead of the curve. It's by not reading books, but insteadĀ listeningĀ to them ā like you are right now! With Audible, there are over 150,000 titles to choose from for your iPhone, Android, Kindle or mp3 player andā¦your first audiobook is FREE!
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Be Wealthy & Smart,ā¢ is a personal finance show with self-made millionaire Linda P. Jones, America's Wealth Mentor.ā¢ Learn simple steps that make a big difference to your financial freedom.Ā
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Transcript
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| 0:00.0 | Be wealthy and smart episode 1259 If y'all know what I mean put your hands up and declare with me |
| 0:14.0 | Yeah, I'm full of bed time I'm gonna live the good life |
| 0:20.0 | I'm gonna live the good life |
| 0:22.0 | beautiful and glorious night Step into a world of wealth and wealth and financial freedom without budgets, boredom or bosses on |
| 0:31.5 | be wealthy and Smart. |
| 0:34.0 | And now here's your host, Linda P. Jones. |
| 0:38.0 | Welcome to Be Wealthy and Smart. |
| 0:40.0 | I'm Linda P. Jones America's Wealth Mentor, |
| 0:42.0 | Empowering women and Men Worldwide to Financial Freedom. |
| 0:44.9 | On today's show, we're going to talk about how much money you need to retire, because recently |
| 0:50.0 | there was a study done, and it said people really don't have a good handle on what it will take to retire. |
| 0:56.0 | Now part of that is because I think as financial professionals we have not done a good job of simplifying the calculation. |
| 1:05.3 | There's all these calculations about X amount times your income, you know at this age |
| 1:09.9 | you should have so much times your income and at that age you should have X amount |
| 1:13.5 | your income. That's not really what's relevant in my opinion and I'll share with you |
| 1:18.9 | a really simple way to calculate how much you're going to need for retirement. |
| 1:23.6 | But first let's just review what's going on in people's minds about retirement |
| 1:27.6 | because frankly it was a bit shocking to me. |
| 1:30.1 | Fully 25% of people don't have any idea how much it's going to take for them to retire. |
| 1:36.5 | And that's scary because how can you work toward a goal that you don't even know what it is? |
| 1:41.0 | So we have to quantify the number so you at least know what you're |
| 1:44.4 | shooting for. After the 25% who said they didn't know how much in savings they need to |
... |
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