How Much Do I Need to Retire? (3 Simple Steps to Determine the Right Amount)

Wondering if you can retire at 60 with $2 million? In this episode, I walk you through a simple, 3-step process to figure out exactly how much you need in your portfolio to retire comfortably—and confidently. Whether you've already run the numbers or you're just starting to think about retirement, this is a great way to gut-check your plan. We'll talk about how to calculate your real retirement expenses (hint: it’s probably not your current salary), factor in income like Social Security or a pension, and then figure out what size portfolio you actually need to fill the gap. I’ll also cover some key nuances that can make or break your plan—like uneven income, taxes, and what happens if one spouse passes away. If you’re looking to make smart decisions about retirement, this episode is for you. Questions answered: 1. How do I figure out how much I really need to retire, based on my actual expenses—not just my current income? 2. How can I tell if my $2 million retirement portfolio will be enough to support my lifestyle at age 60? Submit your request to join James: On the Ready For Retirement podcast: Apply Here On a Retirement Makeover episode: Apply Here Timestamps: 0:00 - Determine retirement expenses 3:54 - Retirement taxes will be lower 5:12 - 2 ways to determine expenses 7:17 - Determine nonportfolio income sources 8:38 - Determine portfolio withdrawal rate 11:06 - Consider uneven income sources and expenses 12:54 - Consider taxes in retirement 14:00 - When a spouse dies 15:22 - Wrap-up Create Your Custom Strategy ⬇️ Get Started Here. Join the new Root Collective HERE!