Total Financial Solutions President/CEO Arif Halaby is asking the question, can you retire on $1 million? And his answer is, usually, yes.

“I want you to think about yourself in such a way as, how do you build the idea to never run out of money?” said Halaby, a Certified Estate Planner. “I want you to save and plan for your retirement.”

A $1 million “nest egg” for your retirement has the potential to generate between $40-50,000 of income per year for the rest of your life, according to Halaby.

Related: Total Financial Solutions: With Taxes At Historic Lows, Is Now The Time To Convert Your IRA?

Add on top of that about $1,500 per month in social security payments, and Halaby noted you could be generating $55-60,000 of income per year.

“So can you live on $5,000 a month?” he asked.

In order to answer this question, Halaby advised considering if your home mortgage will be paid off by the time you retire, if you expect to have any credit card debt going into retirement and if you plan on working part-time at a “fun” job as a retiree to stay physically and mentally fit and have a purpose.

“By the time you add social security, if you have a little pension and you’re blessed with that, gosh, you know what guys? You could be somewhere in the neighborhood of $50, $60 even $70,000 a year — and this changes a lot,” he said.

One “tip” Halaby offered to live comfortably on $1 million in retirement is to consider selling the SoCal house you’ve built a lot of equity in over your lifetime and paying cash for a house either outside of California or in the outskirts of inland areas like San Bernardino or Lake Shasta in Northern California.

The relocation, combined with the fact that most retirees save on certain costs like no commute to work, no drycleaning of work attire and no regular work-day lunches, can create the potential for “never worrying about money ever again,” according to Halaby.

However, he added that you probably won’t be able to eat out at fancy restaurants every night or buy a new car every few years.

“You may have to think a little bit harder before you shop,” he said. “But what if we just think a little bit beyond that? What if you think life, lifestyle, experiences — those things are just a little bit more important… So over and over again, you’re going to see folks that say, ‘You know what? I can be comfortable living on less.’”

Total Financial Solutions prides itself in helping its clients design a higher income strategy, protect their principal and lock in their gains, all while securing reliable income for retirement.

For a free consultation, contact them by calling 888-99-RETIRE or by visiting their website www.TFSwealth.com.

Total Financial Solutions offers assistance with preparing for retirement in Santa Clarita and the surrounding valleys. Santa Clarita financial professional Arif Halaby, a Certified Estate Planner, and Total Financial Solutions staff work with people of all ages, helping them protect, grow and preserve their assets through an individualized approach. As a well-known financial professional, Arif Halaby is also the host of “Total Financial Solutions Safer Money Hour” on KHTS AM-1220. Launched in 2004, the show offers listeners retirement planning tips and guidance for dealing with today’s ever-changing financial needs.  

Total Financial Solutions, Inc.

24322 Main Street

Newhall, CA 91321

661-753-9683

800-990-7344

Total Financial Solutions – Newhall

https://www.youtube.com/watch?v=IoawQ2HoDzQ

Arif Halaby, Total Financial Solutions, Financial Planning, Planning for Retirement, Retirement Planning