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It's not just real estate that's all about location, location, location.
Many clients worry they won't have enough money saved to retire comfortably, ******* uming they'll need more than $1 million by the time they leave the workforce. But where they spend their golden years can make a huge difference. Required nest eggs vary by hundreds of thousands of dollars depending on the state, according to an Investopedia ******* ysis of federal data. ******* uming the traditional 4% withdrawal rule, the typical American couple needs about $1.16 million saved for retirement, below the $1.46 million that Northwestern Mutual estimated earlier this year. But maybe there is no magic number.
"Chasing one is how good savers end up anxious," said Jim Crider, founder of Intentional Living FP. Having a target early on is helpful, he said, but eventually advisors should shift the conversation toward taxes, withdrawal sequencing and spending habits. "The number also becomes a treadmill. Someone hits it and immediately moves the goalposts because the number was never connected to a life they actually wanted."
Sign up for The Daily Upside at no cost for premium ******* ysis on all your favorite stocks.
It's not just real estate that's all about location, location, location.
Many clients worry they won't have enough money saved to retire comfortably, ******* uming they'll need more than $1 million by the time they leave the workforce. But where they spend their golden years can make a huge difference. Required nest eggs vary by hundreds of thousands of dollars depending on the state, according to an Investopedia ******* ysis of federal data. ******* uming the traditional 4% withdrawal rule, the typical American couple needs about $1.16 million saved for retirement, below the $1.46 million that Northwestern Mutual estimated earlier this year. But maybe there is no magic number.
"Chasing one is how good savers end up anxious," said Jim Crider, founder of Intentional Living FP. Having a target early on is helpful, he said, but eventually advisors should shift the conversation toward taxes, withdrawal sequencing and spending habits. "The number also becomes a treadmill. Someone hits it and immediately moves the goalposts because the number was never connected to a life they actually wanted."
Sign up for The Daily Upside at no cost for premium ******* ysis on all your favorite stocks.
4 months ago
