Unless you know your exact date and time of death, it is impossible to calculate the exact amount of money you need to retire. There is no set magic number for any person because every person's situation is unique. You can calculate this number roughly, but we don't suggest doing that.
Instead, we suggest meeting with a Financial Advisor so they can take a look at your unique situation, determine how much money you will need each year in retirement and keep you on track to meet that goal.
Main points mentioned in the video:
1:05 A quick overview of how your situation is unique
1:46 Common rule of thumb (a rough calculation)
2:33 Meet with a Financial Advisor
3:10 Your true number
Have questions about anything mentioned in this video? Email us at firstname.lastname@example.org - we would be happy to assist you!
Nelson Elder Care Law, LLC is not affiliated with Avantax Wealth ManagementSM