Answering Common Questions About Retirement Planning

John Clark |

We get a ton of questions when it comes to saving and retirement.  Retirement planning can be daunting.  Here, we provide concise answers to some common questions about retirement planning to help you make informed decisions for your future.  It’s no surprise many revolve around, “How much?”, and “When?”     


  1. Is saving $100 a month for retirement good?

Saving $100 a month is a start but probably not sufficient for a comfortable retirement. The earlier you start and the more you save, the better your retirement may be. 


  1. Can I retire at 45 with $3 million dollars?

Retiring at 45 with $3 million could be feasible if you manage your expenses well and invest wisely. However, longevity and inflation risks should be considered.


  1. Is 35 too late to save for retirement?

No, 35 is not too late to start saving for retirement. While starting earlier is generally better, making consistent contributions from age 35 onwards may still yield significant returns.


  1. Can you live off $3000 a month in retirement?

Living off $3,000 a month in retirement is possible but may be tight, depending on your living expenses, healthcare needs, and any debts you may have.


  1. Can I retire at 62 with $400,000 in 401k?

Retiring at 62 with $400,000 in your 401k may be possible, but you'll need to budget carefully and possibly consider additional income sources, like Social Security or part-time work.  But deferring, even a few years, may give you a serious raise from Social Security. 


  1. How much Social Security will I get if I make $60,000 a year?

Social Security benefits are based on your 35 highest-earning years, not just your latest salary. However, at $60,000 per year, you could expect a monthly benefit that is above the national average, although exact amounts will vary.  Go to to get the exact amount!


  1. Can I retire at 40 with $2 million dollars?

Retiring at 40 with $2 million is potentially doable if you manage your expenses carefully, account for inflation, and invest wisely. However, healthcare and long-term care considerations are essential. 


  1. Is 500k enough to retire at 50?

Retiring at 50 with $500,000 will be challenging unless you have other income sources or live in a low-cost area. You'll need to budget rigorously and consider healthcare costs.


  1. Can I retire at 50 with 300k?

Retiring at 50 with $300,000 would be difficult without additional income streams, such as Social Security or a pension, especially considering the cost of healthcare and potential for inflation.



  1. If I want to live on $100,000 about how much money would I need to save to retire at age 67?

Determining how much money you'll need to save to retire at age 67 with $100,000 worth of annual income involves several variables, including life expectancy, investment returns, and inflation. A common rule of thumb is to use the "25x Rule," which says you should aim to save 25 times your desired annual income. By this rule, you'd need $2.5 million to generate $100,000 per year.



Remember, each individual’s financial situation is unique, and it's advisable to consult a financial advisor to tailor a retirement plan specific to your needs.  We can run through a specific scenario for you!