165. How Much Money You Need to Retire

Learn more about how you can prepare for retirement by downloading the complimentary Retire Your Way Toolkit - https://bit.ly/42YU8Mw Register for our next Journey to Retirement Online Workshop to learn more about building your income plan and a comprehensive retirement plan. - https://bit.ly/49CaTzG In this episode of Retiring Today we discuss important mindset shifts when it comes to your retirement income. Discover key insights and strategies to help you navigate the transition from working life to retirement. Also learn how to you can start building your retirement income plan and understand how much you might need saved for retirement. Loren Merkle, CERTIFIED FINANCIAL PLANNER™, RETIREMENT INCOME CERTIFIED PROFESSIONAL®, CERTIFIED FINANCIAL FIDUCIARY® https://merkleretirementplanning.com/staff-members/loren-merkle/ Molly Nelson, Host of Retiring Today https://merkleretirementplanning.com/staff-members/molly-nelson/ Chapters 00:00 How to Rethink Your Income in Retirement 02:10 Retiring Without A Pension 04:30 Does the 4% Rule Work? 05:18 Do You Need $3 Million to Retire? 06:35 When to Take Social Security 09:00 How to File for Social Security 13:00 Don't Use Rules of Thumb 16:29 How to Build an Income Plan for Retirement 23:15 Tax Efficient Income Strategies -- This video does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security or any other product or service by Merkle Retirement Planning LLC, Elite Retirement Planning LLC, MRP Insurance LLC, or any other third party regardless of whether such security, product or service is referenced in this episode. Furthermore, nothing in this episode is intended to provide tax, legal, or investment advice and nothing in this episode should be construed as a recommendation to buy, sell, or hold any investment or security or to engage in any investment strategy or transaction. Merkle Retirement Planning, LLC does not represent that the securities, products, or services discussed in this episode are suitable for any particular investor. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your business advisor, attorney, or tax and accounting advisor regarding your specific business, legal or tax situation.