Most people think that if you have a million dollars in the bank, you’re set for life. But believing an arbitrarily chosen amount gives you financial freedom could hurt you.
Hi I’m Bradford Ferguson with Halter Ferguson Financial. I get that it’s easy to feel like a million bucks is enough because it seems like a lot of money. But look what happens when you break it down.
And that doesn’t take into account:
You’ll see your doctor more. Take more medications. And be paying for your supplemental Medicare policy. And a prescription policy with a "donut hole" -- which was nearly 4 grand in 2018.
If you end up in a long-term care facility, you can count on spending around $50,000 today. And that cost is only going up.
Like a new roof. Dental implants. A new vehicle.
The cost of goods and services rises over time. Remember how much you could buy with twenty bucks when you were a teenager? Your money sure doesn't buy as much today. So what about in twenty years?
We can’t forget about taxes… The IRS doesn’t like it.
So if a million isn’t enough, what is?
That is different for everyone. It depends on what kind of life you want to lead. How long you expect to live. And many other things.
A financial plan can answer that question for you. A plan will tell you exactly how much is enough for you and your situation.
Do you want to risk your future on an arbitrarily chosen dollar amount? You could end up trying to make your dwindling dollars stretch farther and farther. Or, do you want to know exactly how much you need, so you can feel comfortable and safe in your retirement?
Watch our free presentation to learn more about how a financial plan can help you.