7 Tips to Retire With a Million-Dollar Nest Egg

Editor's Note: This episode initially aired on July 20, 2022. It may contain some details that are out of date.


According to one recent survey (https://www.gobankingrates.com/retire...) , only 4% of Americans have $1 million or more in retirement savings, which means 96% of us don't.


Of course, depending on your situation, a million bucks may be overkill: Many people could fund their retirement years for a lot less. Still, it's a nice, round number, and one worth shooting for.


Obviously, however, that's a lot of money. Is it even possible to get there? In a word, yes. And that's what we're going to talk about today: building a million-dollar nest egg, and just as important, how to figure out how much you're actually going to need.


As usual, co-hosts Stacy Johnson (https://www.moneytalksnews.com/author...)  and Miranda Marquit (https://www.moneytalksnews.com/author...)  are joined by producer Aaron Freeman (https://www.moneytalksnews.com/author...) . This week's special guest is Roger Whitney, the Retirement Answer Man (https://www.rogerwhitney.com/) .


Remember, even though we sometimes talk about specific investments on this show, don't take them as recommendations because they're not. Before investing in anything, do your own research, and make your own decisions.


You can download the episode wherever you get your podcasts:


• Listen on Apple Podcasts (https://podcasts.apple.com/us/podcast...)

• Listen on Google Podcasts (https://www.google.com/podcasts?feed=...)

• Listen on Spotify (https://open.spotify.com/show/4XzsoL5...)


Don't forget to check out our podcast page (https://www.moneytalksnews.com/podcasts/)  for more episodes designed to help you make the most of your money and our YouTube page (   • War, Inflation and Scary Markets - Wh...  )  for more videos.


   • 7 Tips for Retiring with a Million Do...  


Is $1 million enough to retire on?


It sounds like a lot of money, but is $1 million enough to retire on? What you really need to do is figure out how big your nest egg should be and go from there. Whether $1 million is enough depends on your own situation.


• Check out how long $1 million will last during retirement (https://www.moneytalksnews.com/slides...) .

• Read our article on the retirement numbers you should know (https://www.moneytalksnews.com/slides...) as you plan your golden years.

• Where does your retirement income come from, anyway? Check out our overview of where most retirees get their money (https://www.moneytalksnews.com/slides...) .

• Find out where you fit in when it comes to your retirement savings, based on your age. (https://www.moneytalksnews.com/slides...)

• Our guest has a great podcast episode on investment returns and inflation during retirement (https://www.rogerwhitney.com/blog/442...) .


Tips for building a $1 million nest egg


Ready to build your wealth? We talk about ways you can get your nest egg to that elusive $1 million mark.


• We have an article on how to retire with at least $1 million (https://www.moneytalksnews.com/slides...) in the bank.

• Before you assume the 4% rule is still good, check out our article on rethinking this popular retirement planning strategy (https://www.moneytalksnews.com/slides...) .

• Don't let taxes drain your retirement. Read our retirement tax tips to help you keep more of your money (https://www.moneytalksnews.com/slides...) .

• We've got some strategies that can boost your retirement savings by $1.7 million (https://www.moneytalksnews.com/how-to...) .

• Before you quit your job, read our article about how to protect your nest egg (https://www.moneytalksnews.com/slides...) after you call it quits.

• Make the most of your retirement with our 65 tips for a healthy, wealthy and happy retirement (https://www.moneytalksnews.com/slides...) .


Meet this week's guest, Roger Whitney


Roger has been a financial advisor for more than 25 years and is the host of the award-winning Retirement Answer Man ...