Feeling Like a Million Bucks
SUDOKU
But Is It Enough?
A lot of us grew up dreaming of becoming a millionaire someday. It was the epitome of success, the definition of making it rich. National Be a Millionaire Day is on May 20. This unofficial holiday celebrates the dream of effortless wealth, and it got me thinking about the days when a dollar was worth a lot more. I had no idea how much (or little) $1 million really was ... times have changed. One million dollars isn’t what it used to be — no amount of money is. Inflation has risen to almost 8%. That’s the highest it has been in decades, and no one can predict where it will go from here. Once upon a time, $1 million was more money than most people could spend in a lifetime. Now, we live in an age where many retirees have concerns about whether it would be enough to last them through their lives without sacrificing their standard of living.
SOLUTION ON PG. 4
Where you live certainly contributes to how far your money will go. The cost of living can vary wildly across our great country. According to GOBankingRates*, $1 million at the start of retirement may last you 25 years in Mississippi but only 10 in Hawaii. Though their assessment makes many assumptions about growth and withdrawal rates, it’s helpful to see just how much the value of your wealth can change based on geography. Here in Illinois, $1 million will supposedly last approximately 22 years. Though that’s not bad, everyone’s needs and living standards are different; some people have costly health expenses, and others intend to move once they retire.
We have clients from many walks of life. Some are wealthy, and some are not, but many worry about running out of money, even if the fear doesn’t line up with reality. The idea of not being able to care for yourself is frightening, and no one wants to lower their standard of living. Also, many people want to leave something to their loved ones when they pass, creating generational wealth that can benefit their families for many years. It’s hard to know how to balance what you have and what you leave behind, especially since none of us know how much time we have left. Though a dollar may not be worth what it used to be, the most important thing is to ensure your wealth continues growing as times change. By having a solid plan and team of experts in place, you’re already on your way to feeling like a million bucks in retirement — whether your portfolio is worth less than that or much more.
—Krista McBeath
*GOBankingRates.com/retirement/planning/how-long-million-last- retirement-state/
309.808.2224 3
Published by Newsletter Pro • www.NewsletterPro.com
Made with FlippingBook Ebook Creator