Ryan shares his advice on the amount of money needed for retirement.
The Two Key Factors in Determining 401k Savings
How much money do I need in my 401k to retire? Unfortunately, there isn’t a simple plan or a simple answer to answer this question. At Strategic Retirement Plans, we are always trying to look at all the assets surrounding your 401k to help guide our answer as to how much money you need saved.
Another factor to consider is what kind of lifestyle you want to live. If you are more of a minimalist and only need $500/month, then having $250,000 in your 401k is more than enough. However, some of our clients have several million saved and it isn’t enough because they want to be able to withdraw $15,000/month, for example.
In summary, we need to evaluate what your current budget is and how much you plan to spend in retirement. As well as what your pensions are, your investments, and real estate, that all add value to your portfolio in retirement.
