Ep 39: How Long Will a Million Dollars Last?

Could you retire off a million dollars? Yahoo! released a survey about how long that much money would last in different cities around the country. Let’s discuss the statistics and explain the process for determining how much money you’ll need for retirement.

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The Game Plan

People like to look at a million dollars as the magic number for retirement, but the truth is seven figures won’t even last you 10 years in certain areas of the country.

So how much will you need to be prepared for retirement? Today we’ll walk you through the steps we use to figure out that number for clients and we’ll use a recent Yahoo! Finance survey to show you how long a million dollars would last depending on where you live.

There are a number of factors that go into the equation but proper planning can help you determine exactly what you’ll need to have saved.

Listen to the full episode or click on the timestamps below to skip around to specific topics.

 

The X’s & O’s

Check out the timestamps below to skip around to specific topics on the show.

[1:01] – Yahoo! Finance survey results

[2:48] – How much do you need?

[3:54] – Living in LA and other big cities

[8:19] – Mid-size to small cities

[9:16] – Determining what your amount is

[10:16] – Income is essential

[11:11] – Convincing a client to enjoy a trip and spend

[12:15] – Changing your mindset in retirement

[14:12] – How to make sure your money lasts

 

 

“We’ll get some people that will say, ‘We want to maximize the first 10 years because when we get into our 80s, we won’t be doing too much.’”

– Dale Tondryk

More To Explore

Ep 73: Getting it Right: Irreversible Financial Decisions

There are plenty of decisions that you’ll make in the retirement planning process that can’t be undone, so you want to make sure that you make the right call. In this episode, we’ll explain why these decisions are so important and can’t be undone.

Ep 72: Can’t Get No Satisfaction… Or Can You?

Want to know the secrets to experiencing satisfaction in retirement? We’ve discovered five key situations in which your financial plan needs to lead you. If you can key in on these five points, you’ll have a high chance to achieve retirement satisfaction.

Ep 71: Going Against the Grain to Achieve Your Retirement Goals

Being a good advisor isn’t about winning a popularity contest or just saying the same things that everyone else in the industry says. It’s about giving the best advice that you can for each individual situation. On today’s show, we’re going to peel back the curtain to discuss some areas where a good financial advisor’s opinions might go against the grain with mainstream ideas in the industry.

QUESTIONS FOR DALE?

MORE WAYS TO GET IN TOUCH

952-401-1671

dale@tondrykfinancial.com