What Retirement Actually Looks Like With $500K, $1M, and $3M

In this episode, we break down what retirement actually looks like with $500K, $1M, and $3M in assets.

We walk through how the updated 4% rule applies in today’s environment, the often underestimated cost of health care, and the key factors to consider when deciding when to claim Social Security.

But retirement planning isn’t just math. We also discuss the psychological challenge many retirees face: after decades of saving, it can be surprisingly difficult to start spending the money you worked so hard to accumulate.

This conversation highlights both the financial realities and the human side of retirement.

Take our free retirement readiness quiz today to receive our complimentary retirement guide-

https://lifegoalinvestments.com/retirement/

Transcript

SPEAKER_00 0:00

From Wall Street to managing hundreds of millions in client money, Nick and I use our alphabet soup of credentials to discuss the investing and tax strategies that actually work. Oh, and we played Division I college football together. So strapped in. This one hits hard. Let's go. All right, life goal friends. We've got to talk about retirement today. Retirement seems to be the light at the end of the tunnel for everybody, but it also seems to be the most daunting thing on the financial agenda. So today we're going to talk about not just, okay, can I retire? It's how much money do you need to retire? Right. And everyone's heard a bunch of different terms and numbers thrown around: 1 million, 2 million, 3 million. The reality is you can retire on any of those dollar amounts. It's how you want to retire. So in this episode, we're going to talk about everything from the 4% rule to the adjusted 4% rule to what it actually looks like in retirement at different dollar amounts. So, Nick, hit them with a couple stats here to start.

SPEAKER_01 1:05

Yeah, to reemphasize that point, 43% of Americans say their number one retirement question is how much is it actually going to take for me to retire comfortably? That's the top concern above Social Security, above inflation, above money running out, right? So the average retirement savings for all American families is about $87,000 at this point. Yet Americans believe that they're going to need over $1.2 million to retire comfortably. That's a gap of about a million dollars for the typical household. So you can understand where a lot of that anxiety and kind of stress comes from. And only 5% of households with retirement accounts have more than a million dollars plus in there. So the the millionaire retiree is a statistical outlier. It's not necessarily the norm. So I think when people are forecasting out and looking at their own situation current day, I think there's a mismatch between the reality, what it it actually costs to live comfortably in retirement, and what people think they need.

SPEAKER_00 2:30

And we're going to talk about some of those today. Things like Social Security, obviously, is an incredibly helpful component. And that's what it was built out to be to be that hey, if nothing else, if you've worked, you paid your taxes, et cetera, you have this kind of backstop of some money coming in on a monthly basis on retirement front. So we'll talk a little bit about that. Thanks for uh sharing the numbers, Nick.

SPEAKER_01 2:50

Uh so I think the the the golden rule that I think most advisors and and planners have have kind of relied on over the years is what we call the the 4% rule. And uh we can start you know breaking that down um as to you know how much money you're going to need and and you can and safely pull on uh throughout your retirement. So Taylor, do you want to break that down a a little bit uh further where that came from and how that's used?

SPEAKER_00 3:20

Yeah, so the 4% rule goes back to something written by Bill Bangin, is the gentleman's name back in 1994. And basically what he looked at is every market environment that had happened throughout history and run this metric against it. If I take, as a retiree, 4% of the money per year that I have investable, am I going to outlive my money? And at 4%, statistically, he could not find a time throughout history when someone would have run out of money. And so when the average retiree thinks about, hey, how much money can I take out on a monthly basis or on an annualized basis? Well, if you got a million dollars, 4% is $40,000 a year, right? And $40,000 a year in in today's terms, that really doesn't seem like all that much money. And that's the daunting factor that people face. But what we've actually seen is an update to the 4% rule by Bill Bangin himself. So, Nick, why don't you walk through what that update looks like and then we can kind of address what supplementally would be added to this 4% or now modified 4% rule that has been such a bellwether and a directional guidepost for folks throughout history.

SPEAKER_01 4:32

Yeah, Bangin uh wrote a new book in back in 2025 called The A Richer Retirement, if you want to check that out. But uh he revised his safe withdrawal rate upward to almost 5% at 4.7, uh, what he he termed the universal safe max level. Um and the reason he expanded is because the asset classes that he included within his calculations and back testing the performance um went just beyond just traditional stocks uh and intermediate government bonds. It better diversified the portfolios across large, mid, small cap stocks, inner included international equities, short-term treasuries. So the portfolio held up better. Um so he's he's saying, look, listen, the 4% rule may be a little outdated. You can actually comfortably with the inclusion of these other asset classes, take almost 5%. So you were cheating yourself a little bit under the previous model.

SPEAKER_00 5:29

Yeah, and I think that highlights something that we talk about all the time and beat a dead horse, admittedly, on is diversification, right? So if you're just buying government bonds, then you're gonna be more limited in how much money you can it throughout history, how much money you would have been able to pull without ever running out of money. And now when you start including these other asset classes of, you know, stocks domestically, stocks internationally, large and small cap, on the bond side, it's gonna include things like corporate bonds, things like floating rate debt, et cetera. And then I think when you go to a sophisticated advisor, right, what they're also gonna include in that, which we pound the table on all the time, is the alternative asset class, right? And so maybe that 4.7, if you include things like private equity, private infrastructure, private real estate, private farmland, all of those things, logically, that's going to take that number even higher, maybe in that 6% ballpark, right? And and it's not just are those asset classes going to perform better than government bonds or stocks, it's not that. It's when the timing of the market starts to move, right? So you start to get volatility in the market. The diversification allows the portfolio to hold up better. Because when you run out of money in a scenario where uh, you know, you move into retirement and you start removing four, five, six, seven percent, whatever the number is, when you run out of money, it isn't a nasty market. And so what you're trying to do is really truncate the downside. So further diversification keeps a more steady portfolio. Really, when people fail in retirement and they run out of money, it's because the sequence of the returns doesn't work in their favor. And everyone knows someone that's retired in 2007 and then is back to work at Home Depot as a greeter or something like that, not because they want to and are desiring social interaction, but because they're forced to. Because 2008 came, their portfolio wasn't prepared, it wasn't diversified, and it got its face ripped off when stocks drew down. The SP drew down in 2008, peaked a trough 55%. Right. Right. Now we all have a recency bias, and stocks go up at 20% per year, right, Nick? I mean, that's what they've done over the past three. They only go up, I've been told. That's exactly right. And so people have that recency bias that, hey, just put it in the stock market, it's gonna do fine. But reality is when the stock market gets scary at really scary times, not 15 minute scary times like it was last April with Liberation Day tariffs. Um, and then Trump said, just kidding, the market rallied right back, but more sustained, prolonged downdrafts. And we haven't had that in the form of a recession now in coming up on 20 years now. So it's a forgotten memory that is a reality in the market and is a reality in economic life cycles.

SPEAKER_01 8:11

No, totally. And and and the importance of portfolio construction and and risk management um is critical when you're when you're getting up to that point um uh to retirement. So uh I think that's that it's critical for folks to make sure they they understand the risk uh that's in their portfolio and and look at other ways to diversify and and be able to withstand one of these prolonged downturns should we ever run into one again.

SPEAKER_00 8:40

And I think that this is a differentiated way of talking about diversification because most folks, when they think of diversification, they think of risk mitigation and potentially less upside. But when you're in retirement, risk mitigation and consistency of returns allows you to spend more money, right? So it's it's a little different mind frame that you need to think about when you're in retirement. Hey, if I can be reliant upon this portfolio not to have those massive swings, then I can spend more money. And that's obviously welcome to folks' ears.

SPEAKER_01 9:14

100%. Um so just like and some for some of the math for folks out there, just if you're you're running off of that just traditional four percent rule uh for that million dollars, mentioned that that's gonna give you somewhere around four forty thousand dollars a year. Uh and for every million, you're you're essentially picking up um the that that additional 40 grand. Um but there's there's a you know, everyone's circumstances are gonna be a little bit different. Um, and you may not have to actually take that four percent. Um, and you can let that money grow and compound over over time. So um a lot of different uh factors that are gonna be customized to every individual when you're you're coming up with this with a game plan for retirement. But I think it's it's helpful for folks just to have a kind of a baseline understanding uh and way to kind of calculate what's a reasonable expectation.

SPEAKER_00 10:09

Certainly. So, Nick, let's go down to now the math, right? And let's talk about different figures of investment assets as someone enters into retirement. And so what we'll discuss here is a portfolio that starts out at $500,000, a portfolio that starts at a million dollars, two million dollars, and three million dollars. Reality is you can make all of those work, right? But it's really dependent upon your spending because one of the factors that we haven't talked about is okay, we have that withdrawal rate. So if you have a $500,000 portfolio, that withdrawal rate is roughly $20,000 a year, which is not much, right? But what we also have is something there to fill the gap of social security. So Social Security, just to layer on some underlying numbers, the average family, and when I say family, I mean people married, right? So you have two Social Security incomes coming in simultaneously, they bring in roughly $38,500 in Social Security income. Right. So it's not just relying 100% on the underlying investments to fund retirement. That social safety net of Social Security is there and you've paid it, so you've earned it. So now if you take a $500,000 portfolio, you're gonna add $38,500 to it on average for Social Security. Now you're at $58,50 right. And I'm not saying that you're living high on the hog or anything like that at $58.5, but that's something that's much more tangible than if you're just considering $20,000 a year, which is basically undoable at this point. And the other embedded cost that we have not spoken about there is also healthcare. So we can just kind of adjust for the average healthcare spend as well. So when you look at that, that looks like $10,000 to $15,000 a year in healthcare. So let's take $10 as our example. So now you've got $58,500 between Social Security and the income driven from your portfolio on a $500,000 portfolio, peel $10 off the top, and now you're at $48.5. And that's what you're actually living by. And I think that you have to look at yourself in the mirror when you're thinking about can I afford to retire and say differently, can I live off of $48.5 a year? Am I thinking about that wrong, Nick?

SPEAKER_01 12:25

No, I think that that makes a lot of sense. And it's it if you're if you're a ways off and you you still have some time till retirement, um you you gotta think your your cost structure is gonna be different as well, right? We factored in the healthcare costs, but for most folks, if they've they've bought a home, the mortgage payments have have have probably been completed. Um so it it doesn't sound like a ton of money and it it it will be a little tight at that particular portfolio level, but um very doable depending on on the other costs that you've got going on in your life.

SPEAKER_00 12:58

Yeah. And I think when you jump from that $500,000 bogey to the million dollar bogey, that's where you enter kind of a typical middle class type lifestyle, right? And now when I say that, also realize that we mentioned that the average retired or the average American family has $87,000 in retirement, right? So we are far off of what I would consider kind of middle class living, which is that kind of bogey of a million dollars. So at a million dollars, all of a sudden now you have $40,000, right, that's being streamed off of the portfolio. You also have Social Security, right? And now you have, you know, kind of the healthcare costs built in there. So you've got $40,000 off of Social Security, you have the $38,500. So now you're at $78,500, right? Now there are some taxes, and typically, and and we haven't we haven't addressed that, which is a super important part to talk about here. Um, typically in that kind of tax bracket or what tax bracket that would put you in, it's gonna be not all that burdensome. So maybe you're netting $74,000 or somewhere in that ballpark. It's not gonna be meaningfully different than that. And now you're living off of $74,000 a year at a million dollar retirement. And again, I think that's when most obligations are paid to Nick, to your point, most folks have their big bills covered and gone. The mortgage is likely paid. Maybe you have a car payment. And so all of a sudden, $78,000 or $74,000 after taxes is something that is pretty tangible for folks to be reliant upon. Again, we're at the 4% rule. And if we diversify further, then maybe we're up in that 6% ballpark, and all of a sudden that 40,000 becomes 60,000. You add 38,50 on top. Now you're at 98.5, right? So again, the structure of the portfolio is really important because the further you diversify, the more money you can afford to spend because it limits the downside risk of the portfolio.

SPEAKER_01 14:55

No, 100%. Um, I think and again, I think there's there's ways that you can go about getting that that that higher um rate again if if the portfolio is is constructed properly. So um yeah, I I think I it's just good for folks to think to to have a general sense of kind of what are the bogeys and and what's the kind of a realistic number um given my my asset level.

SPEAKER_00 15:19

So yeah, yeah, and and then let's just cover $2 million and $3 million real quick as well. So on $2 million at 4%, that's $80,000 a year. If you're at 6%, that's $120,000 a year. You add the $38,500 on top. So now you're at $120,000 plus $38.5, and now you're at $150 something thousand dollars. And taxes become a little bit more burdensome at that income rate, but now you're at $125K a year of spending money. And that's where you start to have more flexibility. After tax, you're netting 10 grand a month and most of your expenses are gone with mortgages, et cetera. And that's more of a um kind of freeing, carefree kind of lifestyle. Once you get to 3 million, all of a sudden now you're pumped to 120K at the 4% rule. At the 6% rule, you're at $180K, you're adding $38.5 for Social Security on top. And typically, when people have also that higher level of retirement assets, it means they've made more money in their career. It means their Social Security check is going to be higher as well. So now you're, you know, looking at $200,000 a year of spending money somewhere in that ballpark. And that's where flexibility really creeps in. And you're kind of living the lifestyle that everyone dreams about when they think about retirement. And uh, so that's kind of, you know, as you think about things. So $500,000 going to retirement, that's gonna be tight. A million dollars is gonna put you squarely kind of in that middle class lifestyle type range, $2 million, flexibility, $3 million and above, you're really doing what you want to do.

SPEAKER_01 16:53

Yep, 100%. I think just stresses the importance for folks that are that are younger, that are still in the accumulation phase as to why you want to set up a good game plan to start investing regularly, have a have a plan to try to get up into those those higher thresholds because having that that short-term discipline is going to provide you uh a lot of of peace of mind and freedom as you move into the next stage of your life in retirement.

SPEAKER_00 17:21

I you know, you need to come over and preach that to my wife. Um now, in reality, my wife is is not a frivolous spender, but we do have this conversation all the time. It's like, hey, if we don't spend that on a new suburban, the one that we have is perfectly uh perfectly fine at this given juncture, um, then yeah, maybe we can afford to retire three years earlier. And that's the real math. Like when you put it in in in intenses like that, hey, if you take this suburban, trade it in for a new one, right? It's got, you know, our car has 70,000 miles on it and it's a 2018. So like there's nothing glamorous about it, but there's also nothing wrong with it. And so the one to the next, like I look at that and I'm like, hey, do we want to retire three years earlier? Because that's legitimately the math. If you drop 70K or whatever, and we'll get money back on our other one, right? But if you drop 50K, 40K, right, compound that 40K over the next, I'm 30, what am I, 37? Compound that over the next 18 and a half years till I hit 59 and a half kind of retirement-ish age, and bang, like 40k retire, you know, that that that increases a year or two of retirement at least.

SPEAKER_01 18:32

No, 100%. And it's just, it's, it's an accumulation of a lot of different things, but but having that discipline again, it's it's over the long term, you're you're you're gonna be grateful that you did that. Um when you when you get when you have again the flexibility and the lack of anxiety that your money's gonna last you through retirement. It's uh it's it's difficult to do on a consistent basis. Uh, you're not gonna you're not gonna bat a thousand on that front, but just something to keep in mind, I think.

SPEAKER_00 18:57

And and we will discuss the other side of that in a minute as well, where okay, now we're getting crazy. Right. So we'll do that.

SPEAKER_01 19:07

Um so social social security, another big aspect of retirement income planning. Um, I think most people massively underestimate what social security can do for the retirement math. Um, Social Security was obviously designed to replace approximately 40% of your pre-retirement income. So for a median income household that was earning, call it $70,000, that's about $28K a year. So that's that's cash flow that your portfolio does not need to generate on a go-forward basis. A very important social safety net here in the United States. Um, but the strategies I think that that are out there in terms of timing when you start collecting are hotly debated out there. So uh I think general consensus historically has been that you should delay as long as you can. Right? You can start collecting early at 62 uh and delay all the way till 70, and that'll have uh the longer you delay, it will increase your monthly benefits. Um the the amount it increases ranges depending on your birth year. But you know, just generally speaking, uh Taylor, what what do you what are your thoughts on in terms of collecting early or delaying? What's what's kind of the best general advice for folks?

SPEAKER_00 20:24

Yeah, so full retirement age is 67, and taking it early is about 62, not about 62. You can start claiming it at 62, or you can delay it all the way out to 70. So typically speaking, if you're taking it at 62, you're gonna see a reduction for taking it early by about 30%, right? If you delay it to 70, you're gonna see an increase of about 8%, all relative to that full retirement age. Now, you know, logically, what that says to people is if I can afford it, let's delay it. Right? So if I don't actually need that money, let's delay it out until I'm 70, I'm gonna get an 8% increase versus full retirement age at 67. Who on earth is crazy enough to take it at 62 where you're gonna get a 30% reduction in the monthly payment stream? Now, what we find is that for most folks, 62 is actually the optimal age at the 30% reduction rate to take it, even if they don't need it. And the reality there is what people look at is just the dollar amount paid, right? The dollar amount paid is 30% reduced. But if you don't need that money, right, that money can be invested, right? And let's take a, you know, uh a middle of the road number that's very attainable from an investment standpoint of a diversified portfolio at 7%. If you use my Social Security dollars, right, the the what's projected on the SSA government website, um, my social security numbers, if I were to take it at 62 and invest every dollar, not actually take any of them, because I don't need them, right? Is the assumption. And I compound that at a 7% rate. I will not break even when you just add the cumulative up of what I have there versus the cumulative of what I would take at the age of um 67, full retirement age, and compound that. I don't break even until I'm 79 years old. Right. And so all of a sudden you start to look at that and go, well, if I can take that and invest it and make a 7% return. Now that's an underlying assumption that's up for debate, no doubt, the 7% return available in the market. But I think that's reality. Now all of a sudden I don't break even until I'm 79. Right. After 79, it's going to be more beneficial to have waited until they're 67 to take it full retirement age. But up until that point, I'm better off taking it early. And reality is, like, most males in the United States, they don't live to 79. And I think most females actually, if you look at the average age of death is somewhere right around 79. So the other outstanding impact there is like there are rumors, rumors perpetuated directly from the SSA.gov website that specifically say that if we don't clean up our act from a budget standpoint, by the year of 2030, or maybe it's 2035, 2030, 2035, I'm not sure which one it is, there's going to be a 20% reduction in the payments that are promised by the Social Security. So at the end of the day, it's like, okay, bird in the hand is worth two in the bush. And that bird in the hand, taking it early, actually puts me in a beneficial position all the way until I'm age 79. I'm really willing to book those odds in my favor. And so for most folks, we're actually advising. Um, and again, this is not specific advice to any one individual. Your situations could change, yada, yada, all the disclosures. But 62 is the optimal age for most folks that we are running financial plans for at this point.

SPEAKER_01 23:48

Yeah, the uh SSA trust fund is projected to pay 80% of scheduled benefits past 2034 if the fiscal situation is not cleaned up. And and I think obviously uh Americans are kind of sniffing that that out, especially especially the younger folks that we're talking to. Um, but nationally, 43 of Americans doubt Social Security will be there when they qualify. So we the the government's got some work to do to sure up some confidence in there. So I think it's it's an extremely uh important um government program that that needs to be going, especially because people have paid so much money, employers, you have are each contributing what six percent uh a piece. So it they gotta get that that figured out. But um, to your point, if in the event that they don't, it probably makes sense to start collecting earlier. So one of the other big components that probably doesn't get is quite as much attention um is health care and retirement. This can be uh a very large cost, critically important. You're you're everyone's taking care of themselves out there, you want to be uh healthy and be able to enjoy your retirement um from a personal level, uh, but also from a financial level, um, the the the cost can really rack up uh on the healthcare front. Um $172,500. That's Fidelity's uh lifetime health care cost estimates for a single 65-year-old retiree. That's up 4% uh in in one year um and does not include things like long-term care costs. So I think it's uh it's something that everyone needs to kind of have an eye on. Um, but let's break down that that 172.5 number for people out there hearing it and might be panicking.

SPEAKER_00 25:41

That's a scary, scary number, right? So break it down. That that's about $8,600 a year. So that becomes a little bit more palatable at that point. And the bulk of things are covered by Medicare, right? But they aren't covered by Medicare until you're 65 years old. So if you decide to retire early at 55, at 60, at whatever, there's a gap there, right? Where all of a sudden now you are paying private insurance premiums for those years between when you retire and 65 years old. So that can become pretty darn arduous because as the average cost in retirement's $8,600 a year, right? Think about the premiums they're trying to offset that, right? So the insurance coverage is going to equate to somewhere around there just based on numbers of insurance trying to make money, probably the premium's gonna be slightly higher than that because they know what those averages look like. And so people need to start to think about that. Hey, early retirement sounds great. How does paying nine, 10, 11 grand a year an insurance premium sound? That's a thousand dollars-ish a month, right? That becomes a meaningful impact, right? And then into retirement, to your point, Nick, the big one that I think people don't understand is long-term care insurance. Like a lot of families move into a state and a lot of individuals where they need that long-term care insurance. And it's not just that, vision isn't covered most cases, dental isn't covered most cases, hearing aids and things like that aren't covered in most cases. So the healthcare component of it is something that you need to think about and plan for in retirement as well. And a lot of things go into that. Your genetics, look at your family lineage and start to make decisions based upon that. That's not the only underlying factor. Your own health history at that point, you're gonna have 60 years or whatever to to have, you know, accumulated that um and and see what your own track record looks like and plan accordingly. Like we have to be realists here and we have to not wish and hope for the best. We need to plan for all the plausible outcomes and make that decision as to okay, I can afford to retire or I cannot. And healthcare is a big component of that underlying.

SPEAKER_01 27:43

A hundred percent. When whenever we're putting financial plans together for folks, we want to overestimate those costs on the front end and just making sure we're getting an accurate number, and to your point, not just we're planning ahead and not just hoping for the best on that front.

SPEAKER_00 27:58

So, Nick, let's let's start to round this out a little bit and and create a little bit brighter of a picture at the end of the tunnel here. More folks that we're working with than not actually have the other side of the equation as the problem. It's not they haven't saved enough. Um, and and granted, as financial advisors, we tend to work with the upper end of the wealth paradigm, um, the top of the K-shaped economy, if you will, to use an overused stat these days or or term these days. But the reality is most of them have done well. They've prepared, they've probably overprepared in most cases. And now they face the other side of this where they've got four million dollars, they've got two million dollars, and they're living like they have in those cases four, they're living like they have two. And if they've got two, they're living like they have one, right? And they just they've saved their whole life, they've lived frugally, and now they can afford to have some of the fun and some of the pleasures and some of the delicacies of life in retirement, they've worked their butts off, and they're just not taking advantage of the money they've worked so hard to accumulate.

SPEAKER_01 28:59

No, I mean, and and stats bear that out. I mean, 25% of retirees actually decrease spending during retirement, not because they can't afford it, but I think just due the psychological nature uh of loss aversion, uh, and maybe some anxiety about not not having their uh having outliving their money. But you know, retirees can uh can only uh retirees only spend about 80% of their their lifetime income um and roughly half of what they could safely withdraw from their savings. So uh the the numbers bear that out out in the marketplace that folks are are hanging on to assets and and not necessarily enjoying their retirement as as much as they they could be.

SPEAKER_00 29:47

This is not illogical or ill i irrational to me. Like when I look at it, I go, yeah, I I a hundred percent get that. If the one side is we don't go on vacation, and the other side is we go on vacation and I have to go back to work as a function of that, because whatever happens between now and then, you know, causes me to up, you know, we spent that money and now the market hit a hiccup and we're not prepared and all of a sudden we're going back to work. Like, I get it. If if if you're in the gray area, err on the side of caution. That we're not making that case. We're making the case that most folks that we're working with these days, we need to push them to spend money, which is so counterintuitive, right? You know, push them to go out and spend money. Take money out of your account, which we manage and make money on, right? You know, that that it's it's it's counterintuitive, counterproductive to our business. But like the reality is we're there to be a fiduciary and have them live the best life that they can live. And a lot of times that's spend more money than you are right now because you don't need to worry about going out to that dinner or going out to dinner three nights a week, five nights a week. You can afford to go out to dinner every night if you want. Go out and enjoy it. Have friends come along with you, pick up the tab for the friends that feels amazing occasionally. Take your kids out, your grandkids out, take them on vacation. Most folks can afford to do all of this, but the concern is such that they can't. And the numbers are so resoundingly clear that we cannot come up with a scenario where you could spend enough money unless you just go out and act absolutely irrational and crazy. We can't come up with a scenario where you can outlive your money. Go out, do your thing. You've worked your butt off for your entire life. Enjoy it. So, Nick, uh, hopefully that gave people a little bit more well-rounded of a view. You know, we talked about, okay, if you've got $500,000, what does retirement look like? A million, two, three, and the flexibility that comes along with those higher numbers. We talked about everything from retirement costs that often creep up on folks that they aren't prepared for to the Social Security that is that safety net that people don't account for. They just think about their investable assets being their income and retirement. That's Social Security is a really nice, you know, tailwind that's there. And we talked about just the fact that so many people that we see on the other end of the spectrum that have saved their whole life can't bring themselves to spending, which is a different problem, but a problem nonetheless. So hopefully this helps with where you guys are at retirement, as you plan for retirement, the things you need to be thinking about, and some numbers to back all the data that we gave out there. Thanks so much, guys. We'll see you next week. Quick ask: if you're enjoying the show, hit the follow and drop a rating. It helps more folks find our podcast. Thanks so much. The information discussed in this video is for educational purposes only and should not consider investment in tax or financial advice. Investing involves risk, including possible loss of principles. Always consult a qualified financial professional before making any investment decisions. Past performance is not indicative of future results.