How long will $1 Million last you for retirement?
Everyone knows saving for retirement is important, but do you know how much you need to save for retirement? This is where my job comes in. Do you have any idea? If you were able to save $1 Million for retirement this is what it would mean to save $1million.
Every day about 10,000 people turn 65 years old. Right now the current retirement age is 63. The current life expectancy for someone retired is about 79 years old. If you figure out how much time you need to plan for retirement would be about 16 years you need to save up for.
I find that people who come into my office lack the savings needed to live through their retirement. It is common to hear someone say saving a nest egg of at least $1 million for retirement, but do you know how much exactly $1 million would get you in buying power? This depends on where you live, you can go to GoBankingRates to see average expenditures in your state. It takes into consideration all expenses to figure out the cost of living to determine an average budget for someone retiring.
You can also divide the $1 million by the cost per state this will determine how long $1 million will last you as a retiree. If you live in Texas $1 Million will last you 23 years, 11 months, 2 days.
Do you know your financial independence number?
Your financial independence number can make or break you. This number is the key to realize how much you will spend the rest of your life. What does that mean? This number basically represents how much you need for your obligations and expenses when you retire.
How can you receive your financial independence number?
Find a reputable financial advisor. If you find your self in the greater Austin area I can figure out your (FIN) for free! This is an important number to know in your life.
Why do I need to know my Financial Independent Number?
Your (FIN) will tell you how close you are to your goals. If you have never had your (FIN) calculated I would be happy to do this for you and show you how much you need to reach your goals.
How do I get to your Financial Independent Number?
I first provide you with a free financial needs analysis. As a result of your (FNA), we will arrive at your (FIN). Knowing and doing both a financial needs analysis and knowing your (FIN) is a huge step toward your financial freedom.
How long does this take?
I can sit down with you and it only takes about 30 minutes to establish a solid foundation in order to start building you a strong financial future. Contact me today for an appointment!
Rene Gonzales
Senior Representative
c. 512-568-7203
e. [email protected]
www.Primerica.com/ReneGonzales
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