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The Magic Number To Retire
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Ever wondered how much you need to retire comfortably in America? According to a recent survey by Northwestern Mutual, the average American believes it's nearly $1.5 million. But where did this figure come from, and is it a reliable benchmark?
Join us in today’s episode as we unpack the survey’s findings and share insights into how different generations view retirement savings. We’ll discuss how age, income, and lifestyle shape individual retirement goals and share how you can determine your “magic retirement number.” Stay tuned for some valuable tips to ensure you retire securely and on time!
Here’s some of what we discuss in today’s show:
- Where did the $1.5M average come from?
- The magic number to retire has increased 53% since 2020
- The factors potentially driving up retirement savings goals, like inflation and pension changes
- How tax planning can significantly impact retirement savings and income
- The importance of determining the magic number for your situation
Resources for this episode:
Northwestern Mutual Survey
https://news.northwesternmutual.com/2024-04-02-Americans-Believe-They-Will-Need-1-46-Million-to-Retire-Comfortably-According-to-Northwestern-Mutual-2024-Planning-Progress-Study
Average Savings by Age
https://www.northwesternmutual.com/life-and-money/what-is-the-average-retirement-savings-by-age/
If you are interested in learning more about how we could help you plan for retirement, contact us here: https://www.bestpathadvisors.com/contact
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