One million dollars is a common benchmark when it comes to retirement goals, and many resources will recommend this number as how much you should save …

30 replies
  1. DHarrison
    DHarrison says:

    Couldn't you just invest it in a EM bond fund or high yield corporate and get a 5% dividend plus capital appreciation over time? Bam, there's your 50k and principal just goes up

  2. Detroit Al
    Detroit Al says:

    This guy says nothing about pensions, SS and company health insurance for retirees. Add that to the $30K per year you can get off of 3% of a million dollars per year and you'll still be tucking money away in retirement. I don't trust this guy.

  3. Jack Jia
    Jack Jia says:

    The idea of investing is very simple. When you have a good job and a decent lifestyle, you should have some money left in your bank account. Just like you are still working, you should find your money a job. Please be aware of one thing, your money could leave you if the job you find for your money is bad. Find your money a good job like the one you found for yourself.

  4. Mark Lawry
    Mark Lawry says:

    For my retirement planning, I just use a spreadsheet with a row for each year, and the columns list assets, income, and expenses. The fist columns contain different categories of assets (IRA, taxable, and bank balances). In the next set of columns, I list retirement income streams (social security, pension, part-time income etc). In the next set of columns, I list expenses (budgeted, medical, taxes, charity, etc). At the top I have variables I can experiment with, such as inflation, interest rates, etc.that are used in the formulas for each row. Come ask me in 30 about years how well it worked out.

  5. Coco Butter Barbie
    Coco Butter Barbie says:

    I am curious why you said "…if you're a good investor, not one at there buying index funds, but a really good investor…" what is wrong with index funds? What might a really good investor be doing instead of buying index funds? Also, you said if you want a great enjoyable retirement you need $2,000,000. What is a really good enjoyable retirement?

  6. Banhmiso1
    Banhmiso1 says:

    My parents retired in Philippines just by using their social security of 1500.00 USD a month and they live like royalty. They retired over 8 years ago and never had to touch their savings or pension.

  7. Pascal xavier
    Pascal xavier says:

    In France, we have social security like you, but we also have complementary retirement funds automatically financed by our work; we can also have other assets from our savings, and this is enough to live on (except if one wants to live like a prince), so this is ridiculous, we wouldn't need the equivalent of one million dollars to live on, and so your question seems ridiculous to me; saying that you are doomed if you "only" have one million dollars is preposterous; I bet that you yourself are quite rich to emit a so ridiculous idea.

  8. Steve
    Steve says:

    We got to stop freaking people out and making them scared and unable to sleep and even generate fights over money between couples. Inflation is a problem but stats show over long run retired people spend less since they do less. I mean seriously most of America ain’t got a million and they are okay. Pay into social security folks it will help and it ain’t going broke. Live with in your means and avoid debt as you near retirement. Also reverse mortgage is a tool we should not be scared to use it can help a lot if you understand it well.

  9. Jin Kusanagi
    Jin Kusanagi says:

    I mean, yeah, Phil is trying to promote his business through his videos, but some people in this comment section just ignored the main point of this video. The amount you need for retirement depends on how much you plan to spend during retirement, which comes down to the cost of living within a certain region and the standard of living a person wants to maintain during retirement. If you just let a million dollars sit under your mattress, then you will be able to buy less with that same amount of money over time due to inflation. Investing or at least putting that money in a high yield savings account will mitigate or counteract inflation, and you can learn about either through Phil or some other resource. It's better to compare financial tips from many different experts, and formulate a financial strategy that you think best suits your needs, whether it's buying a home or renting or something else like retirement at age (insert number here).


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