Can You Retire (EARLY) With $1.1 Million?

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$1.1 Million Dollars is a lot of money. Is that enough money to retire? What about retiring early?

When I first started working as a financial advisor, I didn’t think I would ever have a client that even had a million dollars.

The longer I worked, the more clients I had that where ‘millionaires.’

One common question that these clients had was - once I hit 1 Million in savings/investments - is that enough to retire with?
I had a reader question, from Byron and this is his question:

"I have 1.1 Million in my 401k, and will be retiring in January 2022 at 56. Who would you recommend I have mange this after retirement….”

It is hard to answer this question without a little more information, like:

Does Byron have a spouse?
Does he have a pension?
Will he have social security benefits?
What is his debt situation?
What are his plans in retirement?
How much does he need to live on monthly?

Underestimating how much you will spend in retirement could leave you in a tight spot down the road.

One place I recommend if you are looking for help with financial and retirement planning:

You can use a financial calculator to play around with what retirement could look like when you factor in your retirement savings, living expenses, etc.

You want to make sure that your money will stretch to last you throughout retirement.
🔎 RESOURCES MENTIONED 👇

https://www.cfp.net/
https://www.bankrate.com/retirement/calculators/
https://wealthhackerlabs.com/ask/

How to Retire with $2 Million (case study) @ GoodFinancialCents.com: https://www.goodfinancialcents.com/retire-with-2-million/
🔖CHAPTERS 👇

00:00 Intro
03:36 Reader question - Retire Early $1 Million?
06:14 CFP® retirement questions
09:04 Finding a Certified Financial Planner
12:00 Using a retirement income calculator
16:36 One small change has a BIG impact
19:01 Retirement concerns to consider
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