💰 How Much Net Worth Do You Need to Retire in 2024? (Follower's Question)

Answer:

When it comes to retirement, net worth alone isn't the best measure. Here’s why:

🔸 Net Worth ≠ Retirement Readiness

- Owning a million-dollar home but having only $100K in the bank won’t cover your living expenses.

- What truly matters are liquid assets and expected expenses.

🔸 Setting a Target

- If you aim for $60K/year for 30 years, you’ll need about $1.8M in liquid assets.

- Prefer a simpler lifestyle? Living on $40K/year might require less, but careful planning is crucial.

🔸 Personalization is Key

- Everyone's needs differ—consider your unique expenses, goals, and lifestyle desires when setting your retirement target.

Remember, retirement planning is personal, so adjust based on your individual needs and circumstances! 💡