{"id":383824,"date":"2021-12-21T02:23:00","date_gmt":"2021-12-20T23:23:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/outside-the-box-how-much-do-i-need-to-retire-you-tell-me\/"},"modified":"2021-12-21T02:23:00","modified_gmt":"2021-12-20T23:23:00","slug":"outside-the-box-how-much-do-i-need-to-retire-you-tell-me","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/outside-the-box-how-much-do-i-need-to-retire-you-tell-me\/","title":{"rendered":"#Outside the Box: How much do I need to retire? You tell me."},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3f91b789727\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3f91b789727\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/outside-the-box-how-much-do-i-need-to-retire-you-tell-me\/#Theres_no_one-size-fits-all_answer_when_it_comes_to_planning_for_retirement\" >There\u2019s no one-size-fits-all answer when it comes to planning for retirement<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/outside-the-box-how-much-do-i-need-to-retire-you-tell-me\/#Richard_Quinn\" >Richard Quinn<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#Outside the Box: How much do I need to retire? You tell me.<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"Theres_no_one-size-fits-all_answer_when_it_comes_to_planning_for_retirement\"><\/span>\n  There\u2019s no one-size-fits-all answer when it comes to planning for retirement<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\" role=\"region\" aria-label=\"article body\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div id=\"cx-next\" data-nosnippet>\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000525951\" role=\"document\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div data-layout=\"\n                inline\" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetArticleReader\n              \n              inline\n  article__inset\n          article__inset--type-InsetArticleReader\n              article__inset--inline\n  \"><\/p>\n<div class=\"media-object-article-reader\">\n<div class=\"audioplayer\" data-sbid=\"WP-MKTW-0000525951\" role=\"region\" aria-label=\"Listen to Article\" tabindex=\"-1\" id=\"articlereader\" data-show-title=\"false\" data-theme=\"wsj-article-reader\" data-show-header=\"false\" data-show-subscribe=\"false\" data-ads-enabled=\"true\" data-save-publication=\"false\">\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       Does anyone doubt that planning for retirement is unique for each individual?<\/p>\n<p> The way we manage money, how we handle debt, our desired lifestyle and our family status are all important variables to consider. From what I observe, however, many people ignore these differences and seek a one-size-fits-all answer.<\/p>\n<div class=\"paywall\">\n       I\u2019m hooked on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">YouTube<\/a><br \/>\n        GOOG,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205453964\/composite\" class=\"negative\">-0.28%<\/bg-quote><span>.<\/span><br \/>\n       In addition to history, archaeology and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> education videos, I watch many retirement planning shows. I also follow retirement groups on Facebook<br \/>\n        FB,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205064656\/composite\" class=\"negative\">-2.50%<\/bg-quote><br \/>\n       and bloggers who embrace the FIRE (financial independence-retire early) lifestyle.<\/p>\n<p><strong>Read: <\/strong>This 66-year-old ended up living in a van 18 years ago. Now, he\u2019s turned his lifestyle into a lucrative video business.<\/p>\n<p>I never knew there were so many experts out there. My favorites are those who give advice after disclosing they aren\u2019t expert advisers. A question for those who listen to these folks: What makes you think someone else can tell you\u2014in a video or blog post\u2014whether you can retire?<\/p>\n<p>Find more retirement advice and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> at MarketWatch Retirement<\/p>\n<p>One of my YouTube favorites is a retired financial adviser. He takes questions and then proceeds to construct answers using an Excel spreadsheet. He plugs in his own assumptions, including spending rates based on national averages.<\/p>\n<p>A lot of videos focus on $1 million as the magic number for retirement savings. Several spend time criticizing the 4% withdrawal\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/humbledollar.com\/money-guide\/four-percent-withdrawal-rate\/\" class=\"icon none\">rate<\/a>. Others claim to tell you whether you can retire and when. These experts press forward with advice without asking the person\u2019s annual expenses or desired lifestyle.<\/p>\n<p>\u201cI have saved $750,000, can I retire?\u201d<\/p>\n<p>Who knows? Tell us about your debts, expenses, emergency fund and how you want to live. But no matter. The experts will just use national averages instead.<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p><strong>Read: <\/strong>Planning to retire early? Watch out for these tax traps<\/p>\n<p>\u201cI have $1 million. I\u2019m 60. Can I retire spending $100,000 for the first 10 years, then $75,000 thereafter?\u201d<\/p>\n<p>That\u2019s a 10% withdrawal rate. Yeah, no doubt that\u2019ll work fine.<\/p>\n<p>Here\u2019s another good question from a video: \u201cHow much does the average person need in retirement funds to retire comfortably?\u201d<\/p>\n<p>Well, if that average person had a nest egg of $1 million, they could generate an average $40,000. So, I guess the answer is $1 million\u2014on average, that is. Oh yeah, define \u201ccomfortably.\u201d<\/p>\n<p><strong>Read: <\/strong>We have $7 million for retirement but \u2018I feel bad about not working\u2019 \u2014 should I retire anyway?<\/p>\n<p>Online experts will find ways to figure out how long that $1 million will last in retirement\u2014with no details about your situation required. OK, how about one detail: Where do you live? Here are your\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.visualcapitalist.com\/is-1-million-enough-for-retirement-in-america\/?__s=htf3ntt54pnpttcxsoew\" class=\"icon none\">chances<\/a>\u00a0by city.<\/p>\n<p>Sometimes, the questioner provides more details. \u201cWe live in Maine. This is a pretty expensive state to live in. For those of you who also live in Maine or another similarly expensive state, I wonder, what would you consider a reasonable monthly budget for two?\u201d<\/p>\n<p>To that I might say, \u201cWhat\u2019s your monthly\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/humbledollar.com\/2021\/05\/chicken-or-the-egg\/\" class=\"icon none\">budget<\/a>\u00a0today?\u201d<\/p>\n<p>All it takes to make any retirement plan work online is a willingness to manipulate the\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/humbledollar.com\/2021\/08\/quick-and-easy\/\" class=\"icon none\">assumptions<\/a>. If you assume high investment returns, plus low inflation for the next 30 years, then all will be well\u2014and that\u2019s an assumption, too.<\/p>\n<p>\u201cMy husband is 55 and I\u2019m 50. He would like to retire at age 60. We\u2019ve saved $150,000 for retirement. Can we make that work?\u201d<\/p>\n<p>Nooooo problem. No Social Security for at least the first two years of retirement, no Medicare for five. Your current savings should give you about $6,000 a year to live on. But the good news is, with your low income, you can probably buy health insurance through an Affordable Care Act exchange for $1.15 a month.<\/p>\n<p>Yeah, I\u2019m being a bit snarky, but that\u2019s a real question from a YouTube video. As I recall, the YouTube advice to this questioner was to start saving 70% of income. Or was it to get real and plan on working until age 70?<\/p>\n<p>FIRE bloggers will post about their growing net worth, frugal spending and relaxed lifestyle. In reply, they\u2019ll get touchy-feely comments praising their success and lifestyle.<\/p>\n<p>Recently, a blogger told of the frugal <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">travel<\/a> habits of some young retirees living on $40,000 a year. This family of five took three or four trips a year using discount coupons, Airbnb lodging and rewards points. Their next trip is to Europe in 2022. They\u2019ve used 300,000 frequent-flier miles to book the flights. I asked how they accumulated 300,000 miles, given their frugal lifestyle. The comment was deleted without being answered.<\/p>\n<p>I\u2019m thinking that many people who ask the type of questions I\u2019ve mentioned are scared\u2014or quite unsure\u2014about where they\u2019re headed.<\/p>\n<p><strong>Read: <\/strong>Many older Americans are living a desperate, nomadic life<\/p>\n<p>Living in retirement isn\u2019t about averages. It isn\u2019t about what other people do or the opinions of experts, especially online instant experts who don\u2019t know anything about you and have yet to experience many years of retirement themselves. Most people could use some one-on-one guidance from a real expert\u2014along with a reality check on their retirement expectations. Let\u2019s face it: 25 to 30 years is a long time to live on someone else\u2019s assumptions.<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetDynamic\n            inline\n    scope-web|mobileapps\n  article__inset\n          article__inset--type-InsetDynamic\n            article__inset--inline\n  \"><\/p>\n<div class=\"dynamic-inset-container article__inset__dynamic\">\n<style>\n    .wsj-interactive.generic-iframe-embed[name=\"myiframe\"] {\n        height: 445px;\n        margin-bottom: 5px;\n    }\n    .at16units .bleed .wsj-interactive.generic-iframe-embed[name=\"myiframe\"] {\n        height: 445px;\n    }\n    body.at12units .bleed .wsj-interactive.generic-iframe-embed[name=\"myiframe\"] {\n        height: 445px;\n    }\n    body .inline .wsj-interactive.generic-iframe-embed[name=\"myiframe\"],\n    body .offset .wsj-interactive.generic-iframe-embed[name=\"myiframe\"],\n    body .header .wsj-interactive.generic-iframe-embed[name=\"myiframe\"],\n    body.at8units .bleed .wsj-interactive.generic-iframe-embed[name=\"myiframe\"] {\n        height: 445px;\n    }\n    body.at4units .inline .wsj-interactive.generic-iframe-embed[name=\"myiframe\"],\n    body.at4units .offset .wsj-interactive.generic-iframe-embed[name=\"myiframe\"],\n    body.at4units .header .wsj-interactive.generic-iframe-embed[name=\"myiframe\"] {\n        height: 445px;\n    }\n<\/style>\n<p><iframe class=\"wsj-interactive generic-iframe-embed\" name=\"myiframe\" width=\"100%\" scrolling=\"no\" frameborder=\"no\" src=\"https:\/\/www.newretirement.com\/retirement\/carousel-5-tiles\/\"><\/iframe><\/p>\n<div class=\"wsj-article-caption\" itemprop=\"caption\">\n<\/div><\/div>\n<\/p><\/div>\n<p>       <em>This column first <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>eared on Humble Dollar. It was republished with permission<\/em>.<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>    <span>By<\/span><\/p>\n<div class=\"author mobile-scrim hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Richard Quinn\",\"subhead\":\"The Wall Street Journal\",\"list\":[,{\"type\":\"link\",\"icon\":\"twitter\",\"url\":\"https:\/\/twitter.com\/quinnscomments\",\"text\":\"@quinnscomments\"},{\"type\":\"link\",\"icon\":\"email\",\"url\":\"http:\/\/www.marketwatch.com\/news\/mailto:contributors@marketwatch.com\",\"text\":\"contributors@marketwatch.com\"}]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Richard_Quinn\"><\/span>Richard Quinn<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B20C05575-04D4-B545-7806-7F67B1C76C6C%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Outside the Box: How much do I need to retire? You tell me.&#8221; There\u2019s no one-size-fits-all answer when it comes to planning for retirement Does anyone doubt that planning for retirement is unique for each individual? The way we manage money, how we handle debt, our desired lifestyle and our family status are all important&#8230;<\/p>\n","protected":false},"author":1,"featured_media":383825,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.mktw.net\/im-455483\/social","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-383824","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/383824","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=383824"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/383824\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/383825"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=383824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=383824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=383824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}