GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’ve got the option to read more about oureditorial guidelinesand our products and servicesreview methodology.
According to Cardone, the traditional $1 million nest egg goal is now grossly insufficient.
Even a millionaire wont be able to fund retirement based on those numbers.
If you retire at 63 with $1 million in savings, you will run out of money.
Well, based on that, you only have 25 years to withdraw.
You literally wont have anything to pass on to your heirs.
With the cost of living, you cant live on $4,000 a month, even in retirement.
Just food and rent is going to consume that four grand.
The cost of living is probably $80,000 a year, Cardone said.
Five million dollarswould be the target of money invested that is paying you on a monthly basis.
More From GOBankingRates
Share This Article:
The Latest inRetirement
