Those of you who know me know that I’m a massive baseball fan. And when it comes to famous quotes from baseball players, one person comes to mind more than any other: Yogi Berra.
Yogi Berra was a long time catcher for the Yankees and had an incredible hall of fame career. He was equally known for his head-scratching quotes, which the world has affectionately termed “Yogi-isms.” Yogi didn’t comment often on financial topics, but he does have one quote that applies nicely to retirement planning:
“A nickel ain’t worth a dime anymore.”
When we think about retirement planning, many people consider $1,000,000 as kind of a “golden threshold.” They think of a million dollars as the minimum nest egg they’ll need in order to retire comfortably. But as Yogi pointed out, being a millionaire doesn’t amount to what it used to.
So is it even possible to retire with $1,000,000 these days?
Let’s find out. In this post we’ll explore a hypothetical couple named John and Jane. They’ve saved $1,000,000 and want to retire, which is a very common situation for many Americans.