Here's a big question. Is a million dollars enough?

Brian, I am so excited to talk about this because everyone always aspires to be a millionaire.

They want to hit that magical seven-figure status. But the question that everyone has, and a lot of the trolls

in the comments will say to us, a million dollars is not enough or a million, why would you

even set your sights on a million dollars that just is not going to get the job done?

Well, I get it, inflation. And then even if you put withdrawal rates on there. If you do like a safe withdrawal rate,

I mean, depend upon how aggressive you want to be. If you use what's considered industry standard

of around 4%, yeah, maybe a million dollars, we need to visit that. Yeah, at a 4% withdrawal rate,

a million dollar portfolio could cash flow you $40,000 a year increasing

with inflation. And so the question becomes, well, if I can't live off of $40,000 a year,

is that enough? And even more so, depending on my age, if a million dollars isn't enough right

now, will it even be close to being enough when I get to retirement?

We thought it'd be interesting. Did you show you an exercise of how inflation can erode the value of your dollars through time?

I mean, obviously for a 65-year-old retiring today, a million dollars is worth a million dollars.

But for a 55 year old,

by the time that they get to retirement age at 65, a million dollars at that time would only

be the equivalent of about $744,000. The purchasing power. In today's dollars. And age 45,

by the time that they get to 65, a million dollars then, it'd only be worth a little

bit more than $550,000.

If you come all the way down to a 25-year-old, by the time a 25-year-old gets all the

way to retirement at age 65, 40 years in the future, a million dollars then would be

the equivalent of about $306,000 today.

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