[USER]

I should have $1M by 40 at my current rate and plan to keep working past then, but I don’t know until when. And I feel guilty every time I spend, constantly telling myself I should be saving more. Yet “more” is so undefined for me. I don’t know how much money is going to be enough to live on forever when the future is so unpredictable.

[Adam]

No, I have more anxiety about dying tomorrow and not being able to enjoy my retirement. Go out and live your life.

[Diann]

Oh my dog…dude, you’re 33 and you already have investments and by the time you’re 40, you should have 1mil…you’re fine.

That money is going to grow A LOT over time. You’re fine.

You will also have social security, yes it will be there when you are of age.

Go out to eat, go to a concert, go on a weekend getaway. You’re fine.

Recommended: How to invest 300k for retirement?

[John]

Stress and anxiety get a bad rap. You may benefit from reading ‘The Upside of Stress’. The author started her career’s work thinking that stress-reduction is always the correct thing and changed her approach over time based on a number of studies.

In reality, stress, as long as it doesn’t get out of control, makes for some very successful outcomes for the humans (and animals) that it affects.

[Diann]

Knowing where you intend to go, and setting up reliable systems that will build iteratively towards it are crucial— but if you’re living your plan, try to focus on enjoying the journey. This is a fun thing you’re building!

[Jack]

That’s why you need a well thought out retirement financial plan.

If you know what your income sources (pensions, SS, estimated savings) AND estimated expenses will be when you retire, you’ll be fine. It’s really not that difficult to create a plan. And if you need help, just hire a FA to assist you.

[Lana]

Determining how much you need to retire is actually pretty easy – simple math. You can find an online calculator or build your own spreadsheet, just start with your desired spending rate today, estimate market return and inflation and you can project.

For a person wanting about $100k/year in retirement and getting no pension or social security will need about 3-3.5M in their investment portfolio to never run out of money. There are more aggressive strategies that assume you die with zero as wall.

Fidelity has a decent retirement planning tool, it’s free.

Suggested: Can I set up retirement accounts in my LLC without taking salary, possibly with a solo 401(k) or SEP IRA?

[Debbi]

I would aim to have investments grow until they reach your current annual expenses times 25. Some aim for more. Others decide to move abroad so their money goes further. Decide on your investment risk tolerance, invest in low cost assets and wait.

When your best egg is big enough, you can adjust some of it to more conservative investments but still risk some for continued growth.

[Author]

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