“Is it important to retire millionaire just to live happily and comfortable during my retirement years? Do I need a lot of money in order for me to do the things I want to do when I retire?”
A reader of Retirement Planning IQ.com asked this question via email and here I want to share some point of views and a clear answer about this important retirement questions.
Ideally, it is nice to retire rich. How much money do you really need to consider yourself rich when you retire? Few hundred thousand dollars, half a million dollars, million dollars or more than millions?
Your retirement funds should be enough to cover the expenses of your chosen lifestyle. If your lifestyle is simple when you retire, you don’t need millions. A few hundred thousand dollars can help you live your life peaceful and comfortable. Some retirees will choose wisely where to retire. They make sure they live in a community wherein the cost of living is low but the ambiance is great.
Retire Millionaire: Not a Choice Just to Retire Comfortable
Going back to the topic, is it really important to become a millionaire before you retire? Personally, I choose to retire millionaire. It always depends on your retirement goals.That’s the reasons why knowing your retirement target earning asset is very important. That way, you will know how much money you really need to retire comfortable.
The reader who sent the questions via email has the right question. He want to know if it is really required to retire rich just to retire comfortable. There are many people who has this kind of mindset. They think having a lot of money is required to retire comfortably.
Simple Retirement Lifestyle
There are retirees who are comfortable to live the rest of their lives in a simple house. In a simple community. They don’t need a luxurious vacation. They just want a simple lifestyle. Those retirees who are happy living with their children rather than retiring abroad. Those retirees who wants to be with their siblings than with anyone else.
Those happy retirees who wants to spend the rest of their lives with their friends and families. Those retirees don’t need much money. The best thing you can do now is to analyze your financial situation and find out how much money do you really need when you retire. Do not forget to know how to make your money work for you during retirement.
To become a millionaire when you retire or to have enough retirement funds? It’s your choice! Choose to retire millionaire. Choose to retire young, happy and rich! Was this article useful? Share this page with your friends. Stay tuned to Retirement Planning IQ for more retirement advice, tips, strategies and answers to many retirement questions.