Resolute Capital's video: How much do I need for retirement 1 000 000

Resolute Capital - https://www.instagram.com/resolute_capital/ Connor King - https://www.instagram.com/connortking/ Banks Nash - https://www.instagram.com/banksnash/ DISCLAIMER: THIS VIDEO IS FOR ENTERTAINMENT PURPOSES ONLY. YOU SHOULD ALWAYS CONSULT WITH A PROFESSIONAL FINANCIAL ADVISOR BEFORE MAKING ANY DECISIONS WITH YOUR MONEY A COUPLE QUESTIONS FOR THIS VIDEO HAVE TO DO WITH RETIREMENT. FIRST OFF, HOW MUCH MONEY IS A GOOD IDEA FOR RETIREMENT? I would probably initially think that if you are 60 years old and you have $1M in your retirement account that would be the bare minimum you should shoot for. Depending on how old you are, $1M doesn't go as far as it used to in the past. I would probably shoot for $2M if you are nearing retirement now, but if you are our age I would probably shoot for $3-$5M. With inflation, in 30-40 years, you will need a lot more money to live comfortably than you do nowadays. However, it will all depend on the lifestyle you are trying to have. If you are determining how much money you will personally need for retirement, the biggest questions you need to answer is, "what time of lifestyle am I trying to have?" If you are going to be living in a small little shack and eating eggs and rice (LOL) then you might be fine with $1M. If you are wanting to live in a beach house and have a big yacht and travel all around the world, you will need $10+ million, because you will probably be spending $100,000/mo on yacht expenses. So, definitely, you have to figure out what type of lifestyle you are going to shoot for. This will affect the amount of money you will need. The general rule is that whatever amount you have, you take out 4% per year and that is what you have to live on. Also, final side note, Kevin O'Leary on Shark Tank suggests a bare minimum goal to be $100,000 your retirement account by the time you are 30. This will put you on track for the long term. ON A SIMILAR NOTE, HOW DO I GO ABOUT PICKING INVESTMENTS FOR MY 401K OR IRA? There are two sides to the coin. First, the more conservative option, invest all of your money into the S&P 500 index and have some in bonds, but as you get closer to retirement, you shift from less stocks and equities to more bonds, that way it is extremely conservative. This is definitely the route for those that are risk adverse: S&P and then shift to bonds. Another option (the middle side of the coin!), which is what I am doing myself, is just go heavy stocks and equities in the S&P 500 and just a little bonds all the way up to retirement. That would mean you are shooting for 6-10% return a year on the S&P 500 index. A lot of people think (even actively managed fund managers) that this is the best route. If you are investing in your 20 and 30s, even if it seems more conservative, you will out-perform 80-90% of everyone else by the time you retire because this, over the long run, has been the most proven way to go about saving for retirement and growing investment. The main other side of the coin is to invest in mutual funds or actively managed funds. Some of the ones off the top my head... a very popular option because Dave Ramsey promotes it, is investing with Capital Group, specifically American Funds. These are actively managed, meaning fees and high turnover. They do have high proven returns, however, some of them beating the S&P 500 for 30-40 years I believe. There are two sides to investing for retirement: the actively managed funds route and shoot to beat the market, or are you content with staying on par with the market and getting 6-10% annually. The average has been 9.8% over the life of the S&P 500. Maybe it is a combination of both. Resolute Capital on Twitter! - https://twitter.com/CapitalResolute Checkout the website of our parent company - https://www.resoluteteam.io/ Sub count at time of upload: 213