The ludicrous "you need a $million to retire" mantra financial companies try to tell you.

[Blues Man]

My main beef with this wasps companies is they always portray the image that SS will be gone... who knows?? You better send us all of your money NOW!!! Your world will collapse if you don't have at least $1 million in retirement savings. Actually that number they give I have seen up to $1.3 million.
And that number never considers SS or pensions. They just ignore it.
I don't mind saying our situation...
Current SS draw at age 67 for both of us combined is $4,516/mo
I also have a 19 year pension benefit that is currently showing $1,410/mo.
So with just that, we will have $5926/mo
Minus taxes - $5100+ a month.
And we have 401k, 403b, IRA Simple and of course well into 5 figures in cash assets, and over $280,000 in equity.
We will be fine. The idea that we need another $1,000,000 on top of this is insane. Even Ramsey, who is supposed to be honest, if I use his calculator we are in trouble.
Nonsense.

The don't use that company. There are plenty of reputable financial advisers out there. Or don;t use one if you don't want to.

 

[iamwhatiseem]

The don't use that company. There are plenty of reputable financial advisers out there. Or don;t use one if you don't want to.

I have one.
This thread popped up because in my YouTube feed, since I watch several financial vids, I just keep seeing the doom and gloom - "send us your money so you can retire!!"
But even my financial advisor can insert his own priorities.
About 8 years ago the corporation I have the pension with was wanting to pay off as many future pensioners as they could. The first offer I receives was an absurd $45,000. Unfortunately, several IDIOTS took the buy out. Their second offer about 2 years ago was $85,000. I laughed again. But I did show it to my financial advisor, and he actually advised taking it and showed that by age 75 it would be worth more money.
I am like - age 75?? Hell I may not be here then, probably will be but damn.
It will pay me $1410 a month beginning at age 65. With the decent longevity of my family, I can expect to live to somewhere around 85-90. So if it is 87 - that is a value of $372,240.
$85,000 is absurd. If I rolled it, the expected value at 65 would have only been $138k.