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How Much Do You Need to Retire in 2023?

Planning for retirement can be challenging, but knowing two key pieces of information can simplify the process: your expected retirement expenses and the portion covered by your portfolio. There are two approaches to determine expenses: Bottom-up method: Create a detailed budget by listing all your expected expenses in retirement. While this method provides a precise figure, it requires careful planning and consideration of various expenses. Top-down approach: Consider your current take-home income and determine if it covers all your needs. Then, subtract any future expenses that will no longer be necessary in retirement. This approach gives you a rough estimate of your retirement expenses. Once you have your expenses, calculate the portion to be covered by your portfolio after accounting for other income sources. Applying a safe withdrawal rate, like 4% or 5%, helps find the portfolio size required. While this method gets you close to your retirement number, periodic review and professional advice ensure a comfortable and secure retirement. Make sure also to consider other factors like taxes, inflation, marital status, insurance, and lifestyle changes when planning for retirement. ============================= Learn the tips & strategies to get the most out of life with your money. Get started today → https://www.rootfinancialpartners.com/ Subscribe to be notified for future videos:    / @rootfp   _ _ For more resources and content, check us out below! 🔔Subscribe to our channel to learn more about all things portfolio management    / @rootfp   🎧 Listen to our podcast https://readyforretirement.buzzsprout... 🧑‍💻 Visit our website https://www.rootfinancialpartners.com to learn more about us 👥 Connect with us on Facebook   / rootfinancialpartners   📷 Connect with us on Instagram   / rootfinancialpartners   🔗 Follow us on LinkedIn   / 18347030   _ _ ⏱ Timestamps ⏱ 0:00 Intro 1:37 Bottom-up approach 2:11 Top-down approach 3:44 Step 2 5:13 Example 8:48 Other factors 11:51 Outro Other videos we think you'll like: About Root:    • Financial advisors with heart.   Worried about retirement? Start here:    • Worried About Retirement..Start With ...