We often get asked a variant of that question by our clients. Years ago, a well-known 401k provider ran an ad campaign “What’s your number?” to get people to consider how much money they would need to save for retirement.
That question can be answered with a simple scratch pad but is best accomplished by working with professionals on a comprehensive financial plan that looks at a client’s needs, wants and wishes, their assets and their expenses.
Simple math would suggest that a million dollars can generate $30,000 of income with proper investments but this fails to consider inflation, market volatility, taxes, and a number of other factors. Once people realize the amount they might need to save could be in millions they often bury their head to the problem. That’s what we’re here for. To take a seemingly difficult task and work with our clients to set and achieve their goals and make their retirement look like what they always wanted it to.