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 65: Are These Retirement Statistics Encouraging or Disturbing?

We’ve gathered some updated retirement statistics from across the country. It’s time to find out if these are encouraging or disturbing findings if they’re reflective of the average client, and what you can do to improve your own retirement preparedness based on this information.

Ep 64: Counting Down the Days Until Retirement

Those days, months, and years leading up to retirement can start to fill with anxiety about what needs to get done. We’ve assembled a list of priorities to keep in mind as you count down the days to retirement.

Ep 63: Common Retiree Housing Questions

With the state of the housing market and rising interest rates a lot of retirees have questions about their house and how it fits into their overall retirement plan.

QUESTIONS FOR DALE?

MORE WAYS TO GET IN TOUCH

952-401-1671

dale@tondrykfinancial.com