The Expert Podcast

Here's another excellent example about planning for your financial future that comes from the world of millionaires. 35%—more than a third of millionaires—say it's going to take a miracle to be ready for retirement. You would think that if you had a million dollars or two million dollars, you'd be set for life. But if you do the math, one or two million dollars isn't gonna last for the rest of your life if you retire even at age 60 or 65.

If you take two million dollars and divide it up with inflation, you run out of money very quickly. Look, even if you have two million dollars, divide that over 20 years—that's a hundred thousand dollars a year. That's eight thousand dollars a month to live on, minus things like taxes, insurance, health care, and don't forget inflation.

So, two million dollars may not go as far as you think. So, what are your plans for retirement if you're thinking that you have a million or two and you want to live more than 20 more years?