So how does a thirty-year-old become a millionaire? With some discipline!
We are going to spend the week figuring out how to have a $1 million saved by the time you retire. And we’ll do it by decades.
This is not about those potholes that send us to get our tires realigned! These are all about the misalignments in retirement planning.
The average age for retirement nationwide is 63. But here in Massachusetts folks chose to work longer and retire at 65.
When are you going to retire? What are you going to do when you retire? Where are you going to retire?
Boomers as a group never saved like their parents and grandparents. So what is a Boomer to do?
Many of our listeners turn 65 today! And they will have company for 10,000 Boomers will celebrate their 65th birthday today as well.
Fidelity has been tracking this cost since 2002 and estimates the average 65-year old couple retiring in 2016 will spend $260,000 to pay for out-of-pocket health care expenses over the course of retirement.
As a rule of thumb, Fidelity suggests limiting portfolio withdrawals to no more than 4-5% of your initial retirement assets, adjusted each year for inflation over the course of your retirement horizon.
Social Security is a key part of retirement income for most Americans.