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Whatever your plans are, you should consider the 4% rule for your long-term retirement. This rule states that your funds can withstand a 4% annual withdrawal, adjusted for inflation, for long retirements (ie, living well into your 90s)
A $100,000/year lifestyle requires $2.5 millionA $150,000/year lifestyle requires $3.75 million$200,000/year lifestyles require $5 million
While these are approximate totals, they’re pretty close to what you’ll actually need to be able to live the way you want.
Other Factors
Location plays a huge role in how much money you’ll need to maintain your lifestyle. Low-cost-of-living areas like the South and the rural Midwest tend to require less funding to live comfortably, while places like the California coast will require more.
Related: This 'Lazy' Habit Can Add a 20% Bonus to Your Retirement
Smart Moves
An advisor does more than manage investments. They’ll look at your assets and habits to help you assess exactly what you’ll need to contribute and the moves you’ll need to make to have a comfortable retirement. Is your house paid off? Do you travel several times a year? What will your healthcare needs be in the long term?
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
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