Grant Cardone Proclaims Higher Savings for Retirement – Experts Are Divided

The well-known real estate investor and New York Times bestselling author Grant Cardone recently emphasized that the wealth required for a comfortable retirement has significantly increased. According to Cardone, one should now aim for $5 million to live worry-free in old age. Once, $1 million was considered sufficient, but Cardone argues that longer life expectancy and rising living costs now require higher savings. According to Cardone, $1 million is no longer enough to cover the increasing expenses over several decades of retirement. However, not all experts share this view. They emphasize that there is no one-size-fits-all approach and that individual factors such as location and desired lifestyle are decisive. Dana Anspach, CFP, RMA, and founder and CEO of Sensible Money, a nationally operating fee-only advisor, called the blanket recommendation of $5 million absurd. Many American households would live comfortably in retirement with significantly less wealth. Anspach reports clients who live happily in retirement with less than $1 million and yet own two properties, one of which is in an upscale trailer park. Further, Anspach explains that the focus of many retirees is not on luxury goods but on spending time with family and freedom. She emphasizes that the critical element for a successful retirement is not the total sum but a well-thought-out plan. While retirement can be more expensive in the US, there are alternative options abroad. Countries like Brazil and Spain offer low living costs and attractive immigration conditions for US citizens. Luciano Oliveira, managing partner of the U.S.-based law firm Oliveira Lawyers, explains that retirement in these countries is often possible with significantly less wealth. There is consensus among financial experts that individual planning is essential. A consultation with a financial advisor or retirement expert is crucial to developing a realistic plan for the future.