Tony Robbins warns that many Americans are behind in their retirement preparations. A recent survey found that 88% of current workers expect Social Security to be a source of income during retirement. However, Robbins stresses that the average Social Security monthly benefit of about $1,900 usually does not meet people’s expectations for their desired lifestyle.
According to the survey, 84% of workers expect to receive income from a workplace plan, 68% from an IRA, and 77% from investments and personal savings. Robbins urges people to stop ignoring retirement savings realities and take action on planning for the future.
Tony Robbins on retirement planning
“Social Security was never intended to become a replacement for retirement savings, especially considering the extended length of retirement we can anticipate with longer lifespans,” Robbins said. He emphasizes the need to do some simple calculations to determine how much money one will need to retire. Robbins suggests multiplying one’s yearly spending amount by 20 to figure out the amount required for a practical retirement.
If you want to travel the world, buy a boat, or upgrade your home in retirement, you need to figure out what this type of lifestyle would cost on a yearly basis and use the same process as above to calculate your savings,” Robbins advised. “The number you come up with might be massive—but don’t be afraid to dream big.”
Robbins believes that with the right mindset and relentless focus, individuals can go beyond asking, “How much do I need for retirement?” and start planning to achieve their retirement dreams.
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