retirement

7 retirement-planning myths to dispel

$1 million will be enough
$1 million will be enough

It sounds like a lot, but a million bucks is not what it used to be.

"With people living longer and the continuing rise in the cost of living, a million dollars no longer guarantees a five-star retirement," says ReKeithen D. Miller, a CFP with Palisades Hudson Financial Group in Atlanta. "Most people will need to have enough money to support them for 25 to 30 years in retirement. Depending on the lifestyle you want to maintain and where you live, $1 million may not go that far."

Of course, for many people, a $1 million retirement nest egg may be well out of reach.

"First of all, you have to start with the realization that all you have is all you have," says Mickey Cargile, CFP with Cargile Investments in Midland, Texas. "Less than 5 percent of our population has $1 million. One has to work with what they have."

advertisement

Show Bankrate's community sharing policy
          Connect with us
MORTGAGE HOME EQUITY AUTO CDs CREDIT CARDS
Product Rate Change Last week
30 year fixed 4.08%  0.17 4.25%
15 year fixed 3.17%  0.06 3.23%
5/1 ARM 3.30%  0.07 3.37%
 
View Rates in your area Next
Product Rate Change Last week
30K FICO-based HELOC 4.36% --0.00 4.36%
50K FICO-based HELOC 4.06% --0.00 4.06%
100K FICO-based HELOC 3.91% --0.00 3.91%
 
View Rates in your area Next
Product Rate Change Last week
60 month used car loan 2.79%  0.10 2.69%
48 month used car loan 2.98%  0.06 2.92%
60 month new car loan 3.23%  0.05 3.18%
 
View Rates in your area Next
Product Rate Change Last week
1 Year CD 0.94%  0.04 0.90%
2 Year CD 1.13% --0.00 1.13%
5 Year CD 1.76%  0.02 1.78%
 
View Rates in your area Next
Product Rate Change Last week
Balance Transfer Cards 15.71% --0.00 15.71%
Cash Back Cards 16.41% --0.00 16.41%
Low Interest Cards 10.86% --0.00 10.86%
 
Next
advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

Blog

Jennie Phipps

Save taxes — start a business

Becoming an entrepreneur is a tax-friendly way for retirees to make and save money.  ... Read more

advertisement
Partner Center
advertisement

Connect with us