When it comes to retirement, there’s no one-size-fits-all answer. According to Bill Schantz of Mid Atlantic Financial LLC, how much you need to save depends on a number of factors, including your lifestyle and how long you plan to stay retired.
That said, there are some general guidelines you can follow. For example, Bill Schantz recommends saving at least 10-15% of your pre-tax income for retirement. If you start saving early and invest wisely, you may be able to retire with less than this.
Of course, the best way to figure out how much you need to retire is to work with a financial advisor. They can help you create a personalized plan based on your unique circumstances.
In the meantime, here are a few other resources that can help you figure out how much you need to save for retirement:
- The Motley Fool’s Retirement Calculator – This calculator can help you estimate how much you need to save for retirement based on your desired lifestyle.
- Vanguard’s Retirement Nest Egg Calculator – This calculator helps you estimate how much you need to save based on your expected retirement date and desired monthly income.
- Fidelity’s Retirement Savings Calculator – This calculator can help you estimate how much you need to save based on your current savings, desired retirement age, and other factors.
Remember, these are just estimates. The best way to find out how much you really need to retire is to work with a financial advisor. They can help you create a personalized plan that takes your unique circumstances into account.
The bottom line is that there’s no magic number when it comes to retirement savings. How much you need to save depends on a number of factors, including your lifestyle and how long you plan to stay retired. However, by starting early and investing wisely, you can increase your chances of a comfortable retirement.
Do You Really Need $1 Million to Retire Comfortably as Per Bill Schantz?
You’ve probably heard that you need $1 million to retire comfortably. But is this really true?
The answer may surprise you.
While $1 million is certainly a lot of money, it’s not necessarily the magic number that will guarantee a comfortable retirement. There are a number of factors to consider, including your lifestyle and your retirement goals.
So, how much do you really need to retire comfortably? According to Bill Schantz it depends.
If you want to retire early and enjoy a luxurious lifestyle, you’ll likely need more than $1 million. But if you’re willing to wait a few years longer and are content with a more moderate lifestyle, you may be able to get by with less.
The bottom line is that there’s no one-size-fits-all answer. It really depends on your individual situation.
So, if you’re wondering whether you need $1 million to retire comfortably, the best thing to do is sit down and figure out what your specific retirement goals are. Once you know how much money you’ll need to achieve those goals, you can start working towards saving that amount.
Who knows, with a little planning and discipline, you may just find that you don’t need $1 million after all.