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Thought leadership series
How much do you really need to spend $10,000 a month in retirement?
How much do you really need to spend $10,000 a month in retirement? A new client came in recently and asked: “Andrew… once I retire, do I actually have enough to spend $10k a month?” They had $1.6 million in their 401(k) and knew the 4% rule: The rule of thumb that says you can withdraw about 4% of your starting balance each year, adjusted for inflation, and historically you could expect that money to last around 30 years. They ran the numbers and were a little panicked. Because by that rule alone, $1.6 million = about $5,300 per month. But that’s not the full story. When we zoomed out and looked at the whole picture: • Their Social Security added roughly $4,000/month • A rental property added another $1,000/month Now all of a sudden, they were north of $10,000/month. But here’s the important part. The 4% rule isn’t really a rule. It’s a guideline. And not a guarantee. For it to work, it assumes: • You’re invested properly for the long term (not sitting in cash) • Markets behave like they have in the past, over time • You don’t abandon the plan during downturns • You have a well-develop income plan and budget So the “rule’ gives us a nice place to start. But what really matters is the detailed planning to see how much you really need to reach your goals. 👉 If you’re within a few years of retirement and asking “Do I really have enough?”, be sure you are working with your financial planner to eliminate the guesswork. 👇 Follow for more. #RetirementPlanning #RetirementIncome #FinancialPlanning #PreRetirement #HighNetWorth #WealthPlanning #4PercentRule #SocialSecurityPlann
Thinking about selling a business? The amount you can bank on might surprise you.
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Thinking about selling a business? The amount you can bank on might surprise you.
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