How much do I need to retire comfortably? How the heck should I know? 😁
Let’s throw out $1,000,000. If you retire at age 65 and plan to live to 95 on $40,000 a year plus Social Security, $1,000,000 may be enough, but don’t plan on taking more than the suggested 4% a year from your funds or your plan is down the tubes and you will have to die sooner to meet your goal not to run out of money😢
Where do you invest your money? That’s easy; in stocks and bonds or more appropriate for most people, in stock and bond mutual funds, likely index funds. Surprisingly the mix of stocks and bonds does not have that great an impact on meeting the goal not to run out of money. Accumulating your cache in the first place in another matter.
If you are facing the how, what and when dilemma of retirement, take a look at the calculator from Vanguard it’s a handy tool.