Joe answers a viewer’s question on how to find your retirement “number,” or how much money you need to retire comfortably. Find out the calculation in this short clip.
0:15 “Hi Joe and Al, I’m Shirley and I want to know: what is my number? How do I know when I can retire?”
0:28 “It really depends on a number of factors. Let’s break it down – here’s what you want to look at”
0:40 “You don’t want to pull out any more than 4% out of your overall portfolio”
1:03 “Take a look at what you’re spending minus your fixed income sources, and you’ll find your shortfall”
1:20 “Multiply that [shortfall] by 25 or divide by 4% and that will give you your number”