Is $1 Million Enough to Retire? 

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for...

You may need to save a lot more for your post-retirement expenses since the average life expectancy is higher today

People survive on barely anything. A million is still a great deal of cash.

We are not even figuring in Social Security in our retirement plan. If it's there, great, but we're not counting on it.

It works 🎉. Done it myself. $1.6 million at 55. Looking to work till 65 and retire with $3 million.

There’s an error in your image, 10-12% is 100k-120k, you’re showing 100k- 200k.

Whoever is putting all the clips and memes in George’s videos should get a million dollar raise. 🤝

I've just retired recently and I must say I found this video informative and great to review. These psychological concepts are much more useful for individuals attempting to avoid mistakes than I realized when I was first introduced to them. This is probably why Warren Buffett talks so much about temperament being crucial to his investing success.

I don’t know why the Ramsey folks keep saying you can withdraw $70-120k on $1m. A 7-12% withdrawal rate is insane basically anytime in history. I don’t like to go on the other extreme and say people should use a 1-3% or dividend only withdrawal rate, but if there’s a chance you’re going to live 20-30 or more years in retirement, a 4% withdrawal rate is your best plan that lets you safely take out plenty of money and also still leaves you room for market fluctuations and adjustment for inflation over a long retirement

Man, being 5'8" and always feeling undermined for it. Hearing you say you want to be 5'8" makes me feel grateful for it. Great video my guy.

I am so thankful that my son told me about Dave Ramsey and his financial wisdom. Until learning about the Ramsey way I would never have considered aiming for $1 million in retirement funds but it might be possible. Here we go… Great show as always, you are killing it, George.

I am a Nurse and have been investing for a few years. I have reached a point where I could benefit from financial advice to improve my $200,000 portfolio for retirement, how do I maximize the return on my investments?

The 1 million mark is actually a very important number not because of the actual number itself but because of what that amount of money can actually do on its own. 1 million dollars invested that’s getting 9% annual returns on average is earning $90,000 per year in interest. Meaning with annual compounding interest if you just didn’t touch it you’d be at 2 million in 9 years and doubling every 9 years after that. Also if that 1 million was invested in large cap, blue chip stocks paying between a 2 to 4% dividend yield that would be paying you well over $60,000 in yearly dividends. Meaning you could live off the dividend income of the portfolio without touching it or drawing it down and within 10 years be a multi millionaire. People look at the 25 to 30 years of hard work to ever get to a million in wealth forgetting that at that point it replicates the next million on its own in a fraction of the time.

You work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K in a meme coin from just few months ago and now they are multimillionaires..

I started at 30, with only 4% and well it’s not going as good… but this year I’m debt free and guess who is bumping to 15%… I made the calculations in my investment website and I will have 1.3M when I retired! 🙌🙌🙌

Your mix of info and comedy is at a perfect ratio, watching your videos is easy, fun and informative. keep it up George!

So I’ve got to say as a fairly avid watcher of Ramsey solutions content, George has become my new favorite Ramsey personality. Absolutely love your sense of humor mixed with great advice. Thank you for the work you do, much appreciated

Thanks a lot, George. Now I want a Whopper for lunch, but I spent all my restaurant budget and have to eat corndogs from the freezer.

This is a video that every American need to watch. It’s sad to see that people are still depending on social security as their retirement instead of 401K’s and IRAs

This is scary to see the really poor averages saved for retirement.

Ramsey needed this type of content to reach the millennial and younger crowds. Nice job George & team - that's who needs to hear it and can benefit from it most!

This is my fifth year after retirement. I’ve been following the 4% rule thing, but this isn’t really how hard I expected things to be. I still have about $460k outside funds in my IRA to invest in stocks. Pls how do I take advantage of the market turnaround?

If you plan to retire when you have enough money, you might end up retiring in a coffin or an urn. Become excellent at budgeting and adjust your lifestyle, so you can retire a few years early, enjoy live, and go places. My cost cutting plan is simple: no house, rent as small as possible, one shared car, cook vs. dine, and spend more time traveling.

The figure of $1 million was coined in 1996 as a good retirement amount that same amount of money today with inflation is 2.2 million in another 25 to 30 years this 2.2 million today will be 4.6 to 5,000,000 it’s kind of crazy when you think of it that way in 30 years 5 million will be the new 1 million just wanted to make sure everybody was nice and depressed if you were having a good day.

George, thank you for your RU-vid channel. You are consistently putting out information that I really need. This topic concerning having enough to retire is excellent! You always give accurate up-to-date information, and I enjoy listening to you! Well, done! Lisa

Average household income usually means with a spouse. A 25 most likely you're still single so you're probably making closer to 40k or 50k. Not to mention 65 is younger than stereotypes make it sound. Granted you could be ill but you could have another 20 plus years of great health. In the grand scheme a million dollars is plenty.

Yet another helpful financial vid with humor at the perfect time 👌🏽 keep cookin’ George & co!

My dad is 50. He has just over a mil in his retirement. Absolutely awesome that my parents are millionaires

This is great content! I was watching this and my 12 y/o son was laughing along from the jokes, so we finished watching it together. This format makes it much more palatable for younger kids, who really need this info! Way to go George and team!

1 mil is more than enough to retire in a beautiful country like Mexico or Thailand. Live on 3k a month like a king.

Love George’s new RU-vid channel. So informative and entertaining. Just breaks everything down and makes it easy to understand.

Great video George! You’re making finances less scary and helping so many people!

Great video! Loved the video clips and how thorough you were with even discussing a bridge account

The quality of these videos and their content is what brings me back every time

You have no idea how much financial peace this video brought me, God Bless you, I love your videos and you are hilarious, great sense of humour

Thank you for making your videos hopeful and positive! They are refreshing.

Well, I can always stand at a stop light with a sign looking for change.

“THERE’S ALWAYS MONEY IN THE BANANA STAND!!!” Love the Bluthe’s reference 😂

Like the quality of the videos and content - and the seemingly side bar underhanded personal comments are the best part. 😂

Yes George! You will see your fans again next time! Great video

I don’t think many 25 year olds will be able to put 875 in retirement unless they already saved for house and are making 100k+ household income. More realistic is 35 year old to 62

i'm really enjoying this channel.

Super grateful to meet you last week in slc! I love all the info. I would like more details on an earlier retirement and how to do that!

Love your edits and pop culture references George. Keep up the entertaining content.

George. I never knew you were this funny 😂 👍🏾 Great humor, great information! I’m looking forward to watching more of your content!

Awesome video! The edits are epic 😂 💯

One year closer. Happy Birthday, George. Your videos are hilarious. You always have me laughing.

George you are AMAZING!!! Love you and your great personality to help us with money!

Thanks George,.....loved the guy laughing at your "Depends joke",.....😂

Good stuff. I want a deeper dive, talk about the mutual fund mixup to use!

It would be awesome if Ramsey Solutions would translate into Spanish their content. Every time I see "life-saving" content like these in English I think the same. There's so much wisdom and knowledge in English that I would love to translate to Spanish-speaking people.

Hi! I’m excited to be here in your channel and I’m interested in learning more about investing and saving up for my retirement but am a little confused about the whole process. Any advice or tips to get me started up would be greatly appreciated.

In a few months or no time, people will definitely start kicking themselves in regret for missing the opportunity to buy or invest in cryptocurrency and the stock market.

Well this was a wild trip. I liked the Horacio Alger parts, though. Ramsey and other advice channels keep me charged up (even in my 70s). Their guidance can be game-changing. Congrats!

I want a video on how to catch up if you got a late start on saving.

Love the humor 😂!!! Oh and the information is good too

If I could opt out of SS today, stop paying into it today, but forfeit every $ I contributed to-date, I’d say “where do I sign?”

One of my favorite Ramsey personalities!!

I’d love to see what the retirement figures look like for someone making around $40-45,000 per year who started seriously investing in their 40’s. I was making nowhere near 70K in my 20’s. Contributing $800 a month to my retirement back then would’ve been unrealistic. I’d really appreciate retirement numbers for the below average earners. Thank you!

Great Job George Kamel with a K! Glad you are going to be a dad because you have those "dad jokes" down...lol. Keep up the Awesome Job!

this is so funny. great channel mate

The average social security benefit is around 20 grand a year. If you're married, and your average, that means your household income from social security is 40000 a year. Thats a good benefit... Not enough to retire on, but certainly nothing to sneeze at.

There’s always money in the banana stand. I laughed at the reference George. Great video.

Awesome video George

Good stuff!!!

I never understand why the percentages are based on gross income instead of net income. It’s true that on paper, we make one amount, but let’s be real. It doesn’t make sense to budget around money that never sees your pocket 🥴

George, you crush it. Thanks

The problem is most can't invest 15% at 25 most are drowning in debt or saving for a house. Plus the average income is way less than 70k after taxes.

This channel is awesome 😊

you don't need 1 mil or more in an IRA or TSP to retire IF you are debt free, have a good federal pension ( plus health insurance, with the same premium as when working) + SS and know your expenses. I actually make more in net retirement then when I was working (net).

Payoff the house and any debt before retiring, by doing so, you have freed up about $1500 monthly in your budget that could go towards nice vacations yearly.

Great Video!!

Thank you for making this fun! 😂👌

You sharing your egg cracking article was timely because my daughter was asking for boiled eggs this morning 😆

Live off 7-12% withdrawal rate? Right after saying most advisors recommend 3-5%. Leading people to false sense of security with their 1M retirement again...

Give the script writers a bonus.. This is hilarious and informative at the same time

Great video

Georgie ya channel is actually pretty good! who knew?

Good job with the new show!! UAW has a new president for the international union. Contract expires September 2023. A good 60% of the UAW work force is currently eligible to retire; including me. We are waiting to see what the new contract brings to the table, health care is a big issue.

Sequence of returns risk. A quick look at any retirement calculator shows that withdrawing $70,00 from a $1M portfolio fails 55% of the time. Meanwhile using George's averages has a couple receiving $1,669 a piece for an annual income of $40,056. Then taking 5% of the average nest egg of $170,000 is $8,500 for a total of $48,556. Not exactly walking in tall cotton but.... And the market might average 10-12% but compounds at 6.9%. Dave and his crew are ALWAYS overly optimistic. Even in his market return example of up 28% then down18%, he ends averaging 2.8%.

Typo in graphic at 6:15 “100k-200k” on screen rather than “100k-120k”

The Holy Cow clip 🤣🤣🤣🤣🤣🤣🤣

George, I really enjoy your videos. They are so entertaining and informative. In this video, the numbers can be a little misleading because it is common for people to work at multiple companies during their lifetime. However, the Fidelity numbers represent average account balances. So a 50-year-old with ten 401K accounts valued at an average of $100K, would have $1M and be in good shape despite the Fidelity numbers suggesting otherwise.

Thank you

I did the calculations. My husband and I, can live off a million dollars.

OMFG!! Love the humor and related clips! 🤪🤣 @9:46 to name a few!

I like this side of the Ramsey umbrella

I really appreciate you being humble. You’re instantly likable 😊 I am hooked on the plan! I make $92k/year and find myself living paycheck to paycheck. I had to hit the bottom to realize what the hell I did! I have 105k in debt. Holy crap! I needed 3 motorcycles, cuz one wasn’t enough. And a truck to carry it. Now I have $670, $276 and $186 monthly payments. Like a dum dum. And 16 credit cards all almost maxed out. Making minimum payments which are taken up by the finance charges! So spinning my wheels 🛞. And yes I fell into the middle class trap. Oh I make 92k so I can afford it. God I’m so stupid! Baby steps, I’m on step #1 now

Not in San Francisco, I moved to Mexico with $900k and live like King.

Yo, Jeff Goldblum in the thumbnail? 😏 Ahaha thanks for the amazing content guys.

Ok George .. you and the meme edits… I see you .

George and team, really like the unique voice you have found - distinct from the typical Ramsey talk-show style, and therefore a great addition to it! As that style develops though, I would like to cast my vote on pacing FWIW - IMHO I find the hard cuts (such as to the whopper ad - full visual and audio cut) to be too harsh. Yanks my brain too far in a random direction while it’s still processing your point, just to hammer on a joke that already landed. I get (and like!) wanting to fill it with memes and pop culture references, but that can be done more smoothly by only cutting to a different video while your audio keep going, or by putting graphics to the side and blending the audio. You often do this beautify beautifully, such as the kale smoothie immediately after the whopper - all the elements are there, the joke lands, the pace keeps going and it’s just more comprehensible. I get that its a style, but save the hard cuts for when the meme IS the punchline - don’t overuse it on reactions and Gen-Z rimshots! Overall though great work and looking forward to more, keep it up!

Those were the average 401K balances, but what about Roth’s and Traditional IRA’s?

Yay! I am finally in the average 🙌🏽🙌🏽🙌🏽

I’m blessed to have a pension waiting for me in retirement (FERS). So,my plan is to live off of pension and whatever SS. My TSP will be our “fun” envelope. Looking like it’s going to be over a million.

15% is too low. You are not going to get 12%. With inflation adjustments and fees 7% is good. The retiring at 50 example with 1.6 mil would be less then 500k adjusted for inflation. With the 4% rule that's only 22k a year.

Great video! So glad I found your channel! Can you do a video explaining generating income before 59.5 yo, like 72t and sepp? I know there is roth conversion laddering but you still have to pay taxes on that, are there other ways beside a taxable brokerage account to retire early ? Thanks kindly

This was a nice episode, the calculator is useful. I like the jokes! Im 32 but my husband is 26, he will probably have more money 😅

George RU-vid’s good.

There is always money in the banana stand!!