226. We Stress Test a $1 Million Retirement Plan

A common saying is you need a million dollars for retirement, but what does that actually mean for you? In today's episode, you'll meet Tom and Sandy. They have $1 million saved for retirement at age 65, and in their first iteration of their plan, the money was going to run out at age 79. Instead of panicking or giving up on retirement, we tested different strategies to see what actually works for them. This is a hypothetical case study, but these are strategies to consider and test in your own retirement plan. These are the strategies we explore with pre-retirees everyday to help them confidently enter their next chapter.--🗓️ Ready to take the next step? Schedule your RetireReady Call at https://bit.ly/4pNZYKt📖 Download your copy of the Retiring Today Magazine at https://bit.ly/4nDw5eE--Loren Merkle, CFP®, RICP®, Certified Financial Fiduciary®https://merkleretirementplanning.com/staff-members/loren-merkle/Chawn Honkomp, CFP®, RICP®, Certified Financial Fiduciary®, CPA® https://merkleretirementplanning.com/staff-members/chawn-honkomp/Molly Nelson, Host of Retiring Today with Loren Merklehttps://merkleretirementplanning.com/staff-members/molly-nelson/--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. Medicare services provided through MRP Insurance, LLC. Any and all other services related to insurance are an outside business activity and are not offered through or supervised by Elite Retirement Planning, LLC. MRP Insurance, LLC, is not affiliated with or endorsed by any government agency. This is an advertisement for insurance. By responding to the ad, you will be put in contact with a licensed insurance agent offering Medicare Advantage Plans, Medicare Supplement Plans, and Prescription Drug Plans. We do not offer every plan available in your area. Currently we represent [5] organizations which offer [22] products in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program (SHIP) to get information on all of your options.