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Outside the Box: The right retirement formula is based on the value of your home

Million-dollar homes are expensive to maintain. It will cost you up to 2% a year.

How much money do you need to retire? Ask Google!

The first page gives you a wide range of numbers, mostly between $1 million and $2 million. Of course, most people retire with less than that. They make it work.

Here’s my advice: stop thinking about retirement in terms of absolute numbers. It is all relative.

One of my longtime readers, Neile Wolfe, of Wells Fargo Advisors in Austin, Texas, has an elegant solution to the problem. Neile is a fellow divergent thinker and is, hands down, the most thoughtful adviser I have ever met.

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