How to Retire on a 100k Annual Income
A frequent question we get asked is how much money should you have before retiring! Well, Mike is here to answer it for you!
Watch this week's episode of Mike on Money, where Mike explains How to Retire on a 100k Annual Income
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00:00:00:01 - 00:00:41:22
Mike
How much money do you need to retire? Very common question that's asked in here on the screen. This is an article from Yahoo! Finance and it's titled 401k Plan. Participants say they need to save this much to retire. So let's find out. The answer says if 1 million was once the consensus target. Well, that's changing. A recent Schwab retirement Plan Services survey showed that 401k plan participants now believe they must save $1.9 million.
00:00:41:23 - 00:01:08:09
Mike
The question is, are they right? And how do you know how much you need to save? Well, here I am. You know, I'm a certified financial planning professional. I've been helping people get into and through retirement for the last 25 plus years. And here's what I have to tell you. Studies like this are silly, right? They it's this is basically worthless information.
00:01:08:10 - 00:01:43:23
Mike
So what I want to do is I'm going to switch to my iPad and I'm going to help you figure out how much you need to save for your retirement. The good news is it's not necessarily that hard. So we're going to start with your goal. And the goal has to do with annual income. So I want you to think about how much money do you need in annual income to retire comfortably?