{"id":1236,"date":"2020-09-28T08:55:00","date_gmt":"2020-09-28T13:55:00","guid":{"rendered":"https:\/\/www.ramsaywealth.com\/blog\/?p=1236"},"modified":"2020-09-21T18:23:55","modified_gmt":"2020-09-21T23:23:55","slug":"how-much-money-will-you-need-for-retirement","status":"publish","type":"post","link":"https:\/\/www.ramsaywealth.com\/blog\/2020\/09\/28\/how-much-money-will-you-need-for-retirement\/","title":{"rendered":"How Much Money Will You Need for Retirement?"},"content":{"rendered":"\n

It depends on your goals, time horizon, and risk tolerance.<\/em><\/h4>\n\n\n\n


“Will I outlive my retirement money?” That’s one of the top fears for people who are starting to prepare for their retirement<\/a> years.<\/p>\n\n\n\n

So\nI have to chuckle a bit when I see headlines that say, “Here’s how much\nmoney Americans think they need to retire comfortably.”1<\/sup> <\/p>\n\n\n\n

$1.9\nmillion is the number, according to a nationwide survey of 1,000 employed\n401(k) participants by a well-known financial services company. In 2019, the\nsame survey reported the number was $1.7 million. But this year’s pandemic\nincreased the total by $200,000.2<\/sup><\/p>\n\n\n\n

Is\n$1.9 million a realistic figure for retirement? It’s hard to say. The survey\ndidn’t ask participants how they arrived at that figure or what information\nthey used to draw that conclusion.<\/p>\n\n\n\n

Determining\nhow much money you need in retirement is a process. It shouldn’t be a number\nthat you pull out of thin air.<\/p>\n\n\n\n

The process<\/a> should include looking at your current financial situation and developing an approach<\/a> based on your goals, time horizon, and risk tolerance. The process should take into consideration all your potential sources of retirement income, and also may project what your income would look like each year in retirement. <\/p>\n\n\n\n

A significant figure like $1.9 million does little good if you’re uncertain what it means for your retirement years. We can help you develop a retirement strategy<\/a> and show you investment ideas<\/a> designed to help you pursue the retirement of your dreams.<\/p>\n\n\n\n

<\/p>\n

Rich Ramsay may be reached at 651-429-3151 or rich@ramsaywealth.com.<\/p>\n

<\/p>\n

https:\/\/www.ramsaywealth.com\/<\/a><\/p>\n

<\/p>\n

\u00a0<\/p>\n\n\n\n

This material was prepared by\nMarketingPro, Inc., and does not necessarily represent the views of the\npresenting party, nor their affiliates. This information has been derived from\nsources believed to be accurate. Please note – investing involves risk, and\npast performance is no guarantee of future results. The publisher is not\nengaged in rendering legal, accounting or other professional services. If\nassistance is needed, the reader is advised to engage the services of a\ncompetent professional. This information should not be construed as investment,\ntax or legal advice and may not be relied on for avoiding any Federal tax\npenalty. This is neither a solicitation nor recommendation to purchase or sell\nany investment or insurance product or service, and should not be relied upon\nas such. All indices are unmanaged and are not illustrative of any particular\ninvestment.<\/p>\n\n\n\n

Securities offered through JW Cole Financial, Inc. (JWC) Member FINRA\/SIPC. Advisory services offered through JW Cole Advisors, Inc. (JWCA). Ramsay Wealth Management and JWC\/JWCA are unaffiliated entities.<\/p>\n\n\n\n

Citations.<\/strong><\/p>\n\n\n\n

1 – FoxBusiness.com, August 4, 2020
2 – Pressroom.aboutshwab.com, August 4, 2020<\/p>\n","protected":false},"excerpt":{"rendered":"

It depends on your goals, time horizon, and risk tolerance. “Will I outlive my retirement money?” That’s one of the top fears for people who are starting to prepare for their retirement years. So I have to chuckle a bit … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":5,"featured_media":1235,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[161,253,172],"tags":[329,307,309,183,212,330,285,73,277,162,331,176,211,210,165,166],"yoast_head":"\nHow Much Money Will You Need for Retirement? | Ramsay Wealth | Blog<\/title>\n<meta name=\"description\" content=\"How much money will you need for retirement? Outliving your savings is one of the biggest questions for those preparing to retire. 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