Just saw this BlackRock ad where someone asked, “What will I need at 65?” and got a totally vague response.
Here’s the deal: The real question is, “How much should I save to retire comfortably?” Let’s cut through the BS and get specific.
I recently spoke with high-net-worth entrepreneurs, and this question kept coming up.
To find the answer, start by tracking your current spending. Don’t rely on rough estimates—get precise over a few years.
The reality is, your future expenses won’t drop as much as you might think. Plan based on your current lifestyle.
Leverage tools like Mint.com or partner with a financial advisor who understands the unique challenges of high-net-worth entrepreneurs. They can offer tailored advice that aligns with your specific situation.
Aim to save 20 to 30 times your annual spending.
For instance, if you spend $200k a year, your goal should be between $4M and $6M.
Keep an eye on your Total Term (Tt)—how many years your portfolio will last based on your spending.
So, entrepreneurs, don’t settle for vague answers. Track your spending, set clear targets, and get specific advice from advisors who understand your entrepreneurial needs.
Your retirement is within reach. Build your legacy and keep aiming high!
