$1.5 Million needed to Retire? People are making wild guesses without knowing what they need.

A recent survey says Americans believe they need $1.46 million to retire. In this show we discuss how ridiculous this number is and why people shouldn't be caught up in such a sensational (and potentially depressing) headline number.
Dolphin Financial Radio is a fun and informative podcast on retirement planning issues. This is not financial advice. Please seek professional guidance before implementing these ideas or strategies:
www.dolphinfinancialgroup.com
Investment advisory services offered through Dolphin Wealth Management Inc., a Registered Investment Advisor in the state of Florida. Insurance products and services are offered through Dolphin Insurance Inc., Dolphin Wealth Management Inc, and Dolphin Insurance Inc. are affiliated companies doing business as Dolphin Financial Group.
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[@Veganisbadhunter-wx5nt]

I spend about $26,000/year in retirement. The most I spent at 1 time was buying a new car for $36K cash. I withdrew $35K from retirement account and bought the vehicle. But it was an outlier large expense. I reduced my expenses to 13 items. 1. Food 2 electric. 3 natural gas 4 trash/recycle 5 water/sewer. 6 internet. 7 cell phone. 8 property tax 9 home insurance 10 auto insurance 11. gasoline 12 home/auto repair budget 13. entertainment budget. I can cover all of this for $2200/month. No pets, no cable, no subscriptions, no paid memberships. Having a paid off home and zero debt is a big advantage in retirement. Also brings low stress. I encourage you to add up all of these 13 expenses i mentioned and see what you need to live. Also, imagine this monthly expense with ZERO debt. It is more easily doable than most people think.

[@MKF1205]

No medical and travel expenses?

[@Veganisbadhunter-wx5nt]

@@MKF1205 My entertainment budget #13 I use for travel. I do local entertainment like Class A minor league baseball games for $16 ticket and Friday fireworks. Also I go to a public arbor park/forest where it costs $5 to walk the park which is full of donated plant, flower, and tree species. Medical expenses are zero because my health has been great since I retired. Virtually zero stress, I eat and cook more healthy, proper sleep, and I live life on my own time schedule.

[@MKF1205]

@@Veganisbadhunter-wx5nt very glad to hear you have good health. Best wishes for enjoying your minimalist lifestyle.

[@52CA]

I’m in a similar situation. I can subtract water/sewer and trash as I live rural. But I’m at about half your budget. Your property taxes must be huge.

[@republicunited2183]

I think you do. Health care costs, home repairs, etc.

[@grissomfire]

I agree. I spend the same or more percentage wise on my working pay versus retired pay. All depends if there is a pension involved or not to how much is needed.

[@chris-cx2rv]

Everyone has a different retirement age in mind which can cause a large range numbers from individuals. If I retire at 55 compared to 70 I’d need much more to feel good about retiring at 55.

[@52CA]

I think there are more people retired on a pension than is being reported. And the value of nearly all those pensions is a million in that you would need at least a million saved for yourself to equal the money pensioners get every month. Possibly more considering those pension checks are totally isolated from market volatility .

[@Dolphinfinancialgroupfl]

The true value of pensions are highly undervalued.

[@JohnSmith-ps7hf]

The current FU number is $2.5M per person due to inflation.

[@lovethomassowell]

Do you need $1.46M to retire? It depends...

[@livinforlessinsingapore3601]

Is it $1.46m per person or per couple? I guess it must be per person. Also, I assume they don’t intend to leave any significant inheritance to loved ones. And this $1.46m is additional to social security. Say $2.5k a month. Yes I guess that can give a decent total of about $7.5k a month to spend. Assuming 4% returns. And 2% annual increase. Yes. Reasonable view of what’s needed.

[@rkw2917]

1.5 million was about the right amount for me, but I live in Switzerland which is quite pricey

[@rda9441]

I need 3 million to not move the goal post.

[@poodledaddles1091]

Interesting

[@mikewarby9795]

Does depend....what's your expenses?...hopefully zero debt...part of country you're living in...

[@MKF1205]

Well, some of the expenses will be hard to budget, such as medical insurance. We have more than 2 x of $1.46 million, zero debt, paid off house, 2 pensions, low cost part of country, but still working to make sure we have enough.

[@user-rp5cr1gc9z]

@@MKF1205sad

[@DaveCulbertson]

hello

[@ParisianThinker]

Âge 78. Still have $3.5M. Many have so much more

[@darlenepaul2918]

Many have so much less!!!

[@livinforlessinsingapore3601]

Yes. Perception of what’s needed certainly does depend on who our friends are. If many of OUR FRIENDS have so much more, we might think we need much more too. 😊

[@harryhankins1338]

@@livinforlessinsingapore3601 You are spot on. We can retire on much less if we have to. We don’t need to keep up with the jones in retirement

[@BuddyDog9267]

Guess your saying we can trust yous guys. How much?