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How Much Money Do You Really Need to Retire?

How Much Money Do You Really Need to Retire?

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How much money do you really need to retire? Is it $1 million, $2 million, 10 times your salary—or something completely different?

The truth is that your retirement number shouldn’t be based on a stranger’s rule of thumb. It should be based on one question:

Can your income support your life without a paycheck?

In this video, David Pulcini, CFP® explains a simple three-step retirement test:
Determine what your lifestyle actually costs
Calculate your dependable retirement income
Identify the income gap your savings must fill

You’ll also learn:
• Why a large investment balance doesn’t automatically mean you’re ready to retire
• How pensions and Social Security create your retirement income floor
• Why choosing the wrong pension option can permanently reduce your income
• How your 401(k), IRA and investments can help fill the remaining gap
• Why taxes, healthcare and longevity matter just as much as investment performance
• When you should begin seriously evaluating your retirement readiness

The amount you need to retire is personal. Someone spending $6,000 per month with substantial guaranteed income may need less saved than someone spending $12,000 per month with no pension.

Retirement planning isn’t about reaching an arbitrary number. It’s about coordinating your income, investments, taxes, healthcare and long-term goals so you can clearly see whether the numbers work.

If you’re five to ten years away from retirement—or wondering whether you could retire sooner—now is the time to find out.

Schedule a conversation with our team:
https://calendly.com/dpulcini

Learn more about SixPoint Financial Partners:
https://www.sixpointfp.com

Call us:
585-895-2117

Subscribe for more retirement and financial planning insights:
https://www.youtube.com/@sixpointfinancialpartners4351?sub_confirmation=1

What is the biggest unanswered question you have about retirement? Leave it in the comments. We may answer it in an upcoming video.
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