{"id":489128,"date":"2026-05-17T11:35:12","date_gmt":"2026-05-17T11:35:12","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/489128\/"},"modified":"2026-05-17T11:35:12","modified_gmt":"2026-05-17T11:35:12","slug":"heres-what-ramsey-show-host-george-kamel-says-you-need-to-do-to-retire-with-3-million-and-be-set-for-life","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/489128\/","title":{"rendered":"Here’s what Ramsey Show host George Kamel says you need to do to retire with $3 million and be ‘set for life’"},"content":{"rendered":"\n

For many Americans, a $3 million retirement portfolio sounds like a ticket to financial freedom. The Ramsey Show’s George Kamel agrees, with one caveat.<\/p>\n

On a recent episode of the Iced Coffee Hour podcast, Kamel said most people would be “set for life” with a $3 million nest egg.<\/p>\n

“Now, if you spend $20,000 a month, it may not get you that far (1),” he warned.<\/p>\n

Must Read <\/p>\n

A comfortable retirement can quickly turn into a financially stressful one if wants take over needs \u2014 like wanting a bigger home, luxury travel, expensive cars or simply having costly monthly habits.<\/p>\n

Lifestyle creep matters because how much you spend each month is often just as important as how much you saved in the first place.<\/p>\n

Lifestyle creep is more common than many retirees realize <\/p>\n

Lifestyle creep \u2014 slowly spending more and more money without noticing \u2014 is one of the biggest threats to retirement savings, and can happen to anyone. Even those with a sizable nest egg or income.<\/p>\n

In one case featured in Moneywise, a couple in their 50s who made $300,000 a year and had no mortgage or loans ended up $30,000 in debt after a series of lifestyle upgrades.<\/a><\/p>\n

At first, the changes may seem harmless: flying business class, dining out several nights a week, upgrading your car, buying a vacation property or helping out your adult kids financially.<\/p>\n

But over time, those upgrades can chip away at a hard-earned nest egg, and it gets hard to scale back the expensive lifestyle.<\/p>\n

Fidelity Investments suggests that retirees will spend (2) 55-80% of their annual pre-retirement income, but this can fluctuate depending on lifestyle and healthcare costs.<\/p>\n

Inflation affects retirement savings as well, Smart Asset notes (3), so it’s wise to factor it into your retirement budget, even if you’re not planning on upgrading your lifestyle dramatically.<\/p>\n

The goal \u2014 whether you have a $3 million portfolio or not \u2014 is to make your money last.<\/p>\n

Read More: Non-millionaires can now hoard property like the 1% \u2014 how to start with as little as $100<\/a><\/strong><\/p>\n

How retirees can make their money last <\/p>\n

One of the most common recommendations is to separate essential expenses from discretionary spending.<\/p>\n

Housing, groceries, healthcare and insurance need to remain affordable even during bad market years. Luxury or ‘fun’ spending, on the other hand, should stay flexible.<\/p>\n

Retirees should also keep a close eye on withdrawal rates. Using the commonly cited 4% rule, a $3 million portfolio could support roughly $120,000 in annual withdrawals before taxes. But spending closer to $20,000 per month would require pulling out about $240,000 annually which is a pace that may not be sustainable long term.<\/p>\n

Here are some other tips to avoid lifestyle creep and protect savings:<\/p>\n