7 Tips to Retire With a Million-Dollar Nest Egg

Money Talks News: The Podcast

Editor's Note: This episode initially aired on July 20, 2022. It may contain some details that are out of date.

According to one recent survey, only 4% of Americans have $1 million or more in retirement savings, which means 96% of us don't.

Of course, depending on your situation, a million bucks may be overkill: Many people could fund their retirement years for a lot less. Still, it's a nice, round number, and one worth shooting for.

Obviously, however, that's a lot of money. Is it even possible to get there? In a word, yes. And that's what we're going to talk about today: building a million-dollar nest egg, and just as important, how to figure out how much you're actually going to need.

As usual, co-hosts Stacy Johnson and Miranda Marquit are joined by producer Aaron Freeman. This week's special guest is Roger Whitney, the Retirement Answer Man.

Remember, even though we sometimes talk about specific investments on this show, don't take them as recommendations because they're not. Before investing in anything, do your own research, and make your own decisions.

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https://youtu.be/US5Vk5nThuI

Is $1 million enough to retire on?

It sounds like a lot of money, but is $1 million enough to retire on? What you really need to do is figure out how big your nest egg should be and go from there. Whether $1 million is enough depends on your own situation.

• Check out how long $1 million will last during retirement.
• Read our article on the retirement numbers you should know as you plan your golden years.
• Where does your retirement income come from, anyway? Check out our overview of where most retirees get their money.
• Find out where you fit in when it comes to your retirement savings, based on your age.
• Our guest has a great podcast episode on investment returns and inflation during retirement.

Tips for building a $1 million nest egg

Ready to build your wealth? We talk about ways you can get your nest egg to that elusive $1 million mark.

• We have an article on how to retire with at least $1 million in the bank.
• Before you assume the 4% rule is still good, check out our article on rethinking this popular retirement planning strategy.
• Don't let taxes drain your retirement. Read our retirement tax tips to help you keep more of your money.
• We've got some strategies that can boost your retirement savings by $1.7 million.
• Before you quit your job, read our article about how to protect your nest egg after you call it quits.
• Make the most of your retirement with our 65 tips for a healthy, wealthy and happy retirement.

Meet this week's guest, Roger Whitney

Roger has been a financial advisor for more than 25 years and is the host of the award-winning Retirement Answer Man podcast. He is on a mission to change the way the world thinks about retirement, one little conversation at a time.

Roger established Rock Retirement Club in 2018 to help foster a safe online space for soon-to be retirees to learn, plan, and interact with other like-minded folks on the path to retirement.

As if that's not enough to keep him busy, he is the author of "Rock Retirement: A Simple Guide to Help You Take Control and Be More Optimistic About the Future," a Forbes online contributor, creator of the Agile Financial Planning process, and past instructor of the Retirement Planning & Employee Benefits CFP certificate program at the University of Texas at Arlington and of Wealth Management at Texas Christian University.

Investopedia has named him to the Top 100 Most Influential Advisors 2017-2021, and he has brought home Plutus Awards for Best Financial Planner Blog (2019) and Best Retirement Blog (2015 and 2017).

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About the hosts

Stacy Johnson founded Money Talks News in 1991. He's a CPA, and has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.

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