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How Far Will $1 Million Get You In Retirement?

December 23, 2020

The Principle:

What does a million dollars saved for retirement actually look like? Is it enough?

(Want to jump ahead in the episode? Click the featured times below to skip to a specific section.)

Honest Takes:

The idea of being a millionaire carries a bit of appeal. But in reality, how long does a million dollars last in retirement? The answer depends a bit on where you live. According to SmartAsset, it would take around 32 years in a town in Texas compared to 10 years to spend a million dollars in New York City.

Make sure to consider cost-of-living. How much will you pay in taxes? What are your expenses? Back in the day hearing someone had a million dollars meant they were rich. When you break it down, how much does that actually mean you have per month? Is it enough for you to actually live on?

Where’s a good place to live in retirement? Moving might be one strategy to make your money go farther in retirement. But make sure to also include a tax planning for the long-term in your retirement strategy.

As for Social Security, when should you take it? Some retirees end up regretting when they decided to start taking their Social Security. What’s the secret to finding the right time for you? Have you run the math on what the difference is between taking it earlier or later?

Listen to the entire episode or click on the timestamps below to skip ahead.

[0:16] – How long would $1 million last in retirement?

[3:05] – Certain states are more popular among retirees. Why?

[4:49] – Some retirees regret taking Social Security when they did.

[5:33] – Brian breaks down the numbers of what Social Security could add up to be. 

Today’s Truth:

“How much are you going to pay in taxes? What’s your expenses? If you don’t know the answers to those, you really don’t have a full-blown retirement plan.”

Brian Bowen

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Brian Bowen Integrity Financial Planning Roanoke Virginia discusses the deferred payment plan Bobby Bonilla and his agent were able to work out