Do You Really Need $1.7 Million to Retire?

→ Wondering if your retirement strategy is truly tax-smart? Take the Tax-Smart Retirement Stage Assessment at https://obsidianwisdom.com/taxquiz Many people search retirement numbers and see 1.7 million. That number can feel overwhelming. It makes people wonder if they can ever retire. But that is not what it means. The idea is based on income. Social Security may provide about 2100 a month. That becomes about 25000 a year. Many people want about 50000 to 60000 in retirement income. That means about 40000 needs to come from investments. Using the 4% rule, 1 million can produce about 40000. That is where the number comes from. It is a quick way to estimate. But having a better gauge around your own number is the best approach. #retirementplanning #retirementincome #4percentrule If you're 45+ and serious about tax-smart retirement income, subscribe so you never miss an episode: https://www.youtube.com/@WealthyRetirement?sub_confirmation=1 ——— TIMESTAMPS ——— 00:00 Income Blueprint Intro 00:46 Three Wealth Engines 01:28 Retirement Redefined 02:45 Royalties, Dividends & Capital Gains 05:03 Stacking Income Streams: The Math [07:07 From Active to Passive] 15:45 Exception: Step-Up Basis 17:55 Exception: IRMAA & Medicare Premiums 18:50 Exception: Conversion Window 19:55 Wrap Up & Key Takeaways Watch next: 1. What Should I Be Doing When I'm 5 Years Out From Retirement: https://youtu.be/g6iDm9hzcWQ 2. What Is A Good Retirement Income: https://youtu.be/OHsD2fkpWK4 3. Why Are So Many Americans Living Paycheck To Paycheck: https://youtu.be/HPxHy2deiFc 4. What Are The 5 Best Withdrawal Strategies For My Retirement: https://youtu.be/o-TNIsrEhz0 5. Is 35 Too Late To Start Saving For Retirement?: https://youtu.be/OYkyNvFzMaY Let's Connect: LinkedIn: https://www.linkedin.com/in/undregriggs Facebook: https://www.facebook.com/DreGriggsJr Twitter/X: https://twitter.com/wisdomdre [Instagram: dregriggsjr —————————————————— Dre Griggs, CFP® | Obsidian Wisdom Tax-Smart In