It’s probably the most asked question to any financial advisor, “how much money do I need? Is there a magic number?” First, everyone’s situation is different so everyone’s “magic number” will be different. There is no one standard that says once you have saved "X" amount of money you can retire. You actually need various types of income, that's where you hear about saving in different buckets of money. In this episode, Steve discusses those buckets of money, his process and how he treats his clients like family.



Retirement Fun Facts from The Motley Fool:
The average American retires at age 63.
The average retirement lasts 18 years, but many last much longer. Plus, who knows what the retirement life expectancy will be by the time you get there? I recommend that you err on the side of caution and plan on a 30-year retirement.
You'll need $1,060,751 in savings if you expect to draw $5,000 per month for 30 years, assuming 6% annual investment returns and 2% inflation. Depending on how much income you expect from your savings, adjust this amount higher or lower to come up with your retirement "number."

 Americans know they won't have enough money, but still won't saveThe vast majority of those in the prime of their careers are aware they have a problem with their retirement savings. They're right.
The average 50 year old has $42,797 saved. If you look at the retirement "number" from the previous section, it's easy to see that this isn't even close.
The average net worth (assets minus debts) of a 55-64 year old is $45,447.
45% of Americans have saved nothing for retirement, including 40% of Baby Boomers.
38% don't actively save for retirement at all.
20% of Americans tap into their 401(k) assets early, either through a loan or withdrawal.
80% of Americans between the ages of 30 and 54 believe they will not have enough saved for retirement.

It’s probably the most asked question to any financial advisor, “how much money do I need? Is there a magic number?” First, everyone’s situation is different so everyone’s “magic number” will be different. There is no one standard that says once you have saved "X" amount of money you can retire. You actually need various types of income, that's where you hear about saving in different buckets of money. In this episode, Steve discusses those buckets of money, his process and how he treats his clients like family.   Retirement Fun Facts from <a href="https://www.fool.com/retirement/general/2016/01/26/20-retirement-stats-that-will-blow-you-away.aspx">The Motley Fool:</a> <ul> <li>The average American retires at age 63.</li> <li>The average retirement lasts 18 years, but many last much longer. Plus, who knows what the retirement life expectancy will be by the time you get there? I recommend that you err on the side of caution and plan on a 30-year retirement.</li> <li>You'll need $1,060,751 in savings if you expect to draw $5,000 per month for 30 years, assuming 6% annual investment returns and 2% inflation. Depending on how much income you expect from your savings, adjust this amount higher or lower to come up with your retirement "number."</li> </ul>  Americans know they won't have enough money, but still won't saveThe vast majority of those in the prime of their careers are aware they have a problem with their retirement savings. They're right. <ul> <li>The average 50 year old has $42,797 saved. If you look at the retirement "number" from the previous section, it's easy to see that this isn't even close.</li> <li>The average net worth (assets minus debts) of a 55-64 year old is $45,447.</li> <li>45% of Americans have saved nothing for retirement, including 40% of Baby Boomers.</li> <li>38% don't actively save for retirement at all.</li> <li>20% of Americans tap into their 401(k) assets early, either through a loan or withdrawal.</li> <li>80% of Americans between the ages of 30 and 54 believe they will not have enough saved for retirement.</li> </ul>

Steve Hoyl and Derrik Caldwell have worked tirelessly to craft personalized, high-quality financial services to a diverse group of clients at all income levels. As a lifelong resident of the Texas Panhandle, Steve has a unique insight into the passions, motivations and concerns of his client. It’s this connection with community — alongside more than three decades of industry experience — that allows Steve and Derrik to create retirement strategies that are as unique as the clients they serve and the places they live.

Learn more about Steve, Derrik and the rest of the team here.

Don't miss an episode. Subscribe or follow wherever you get your favorite podcasts!

For more helpful insights follow on social media: Facebook and X

Steve Hoyl and Derrik Caldwell have worked tirelessly to craft personalized, high-quality financial services to a diverse group of clients at all income levels. As a lifelong resident of the Texas Panhandle, Steve has a unique insight into the passions, motivations and concerns of his client. It’s this connection with community — alongside more than three decades of industry experience — that allows Steve and Derrik to create retirement strategies that are as unique as the clients they serve and the places they live.
Learn more about Steve, Derrik and the rest of the team <a href="https://hoylfinancialgroup.com/podcast/">here</a>.
Don't miss an episode. Subscribe or follow wherever you get your favorite podcasts!
For more helpful insights follow on social media: <a href="https://www.facebook.com/HoylFinancialLLC">Facebook </a>and <a href="https://twitter.com/HoylFinanacial">X</a>

Retire Texas Style!

For over 30 years, Steve has worked tirelessly to craft personalized, high-quality financial services to a diverse group of clients at all income levels. As a lifelong resident of the Texas Panhandle, Steve has a unique insight into the passions, motivations and concerns of his client. It’s this connection with his community — alongside more than three decades of industry experience — that allows Steve to create retirement strategies that are as unique as his clients and the place they live.

It’s probably the most asked question to any financial advisor, “how much money do I need? Is there a magic number?” First, everyone’s situation is different so everyone’s “magic number” will be different. There is no one standard that...

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