Recent data from Northwestern Mutual indicates that many Americans believe they need $1.46M to retire comfortably, but actual savings vary widely based on individual circumstances.

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Retirement Plan Checklist: Retirement Checklist

Video Chapters

The Baseline Metrics

• 00:00 – Cold Open
• 01:07 – How much do I need to retire comfortably?
• 03:47 - Will I pay more taxes if my money is sitting in a Traditional 401(k) instead of a Roth?

The Savings Gap & Psychology

• 04:53 - How much has the average boomer saved for retirement?
• 10:48 - Why do I feel like I'm going to run out of money even though I've saved for retirement?

The Customization Layer

• 18:45 - Is a generic target date fund in my 401(K) bad?
• 21:16 – What is a "brokerage link" to open better investment options?
• 24:05 - Is taking an outstanding loan against my retirement bad?

The Cost of Living & Gifting

• 26:30 - How much money will I spend on traveling in retirement?
• 30:25 - Why are only 12% of Baby Boomers using a Roth 401(k)?

Sources:

Here's What Americans Think They'll Need for Retirement

https://www.northwesternmutual.com/life-and-money/what-do-americans-think-theyll-need-for-retirement/

How do your retirement savings stack up?

https://www.fidelity.com/learning-center/personal-finance/average-retirement-savings

Retirement Income Strategy: How Much Do You Need?

https://www.youtube.com/watch?v=tLtUEGkBdBQ

___________ Investment advisory services offered through Modern Wealth Management, LLC, a registered investment adviser. The views expressed represent the opinion of Modern Wealth Management a Registered Investment Adviser. Information provided is for illustrative purposes only and does not constitute investment, tax, or legal advice. Modern Wealth Management does not accept any liability for the use of the information discussed. Consult with a qualified financial, legal, or tax professional prior to taking any action.