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How much money do you need to retire?
We’ve all seen the commercials asking, “what’s your number?” The commercials are referring to the amount of money you’ll need throughout your retirement.
A recent survey by TD Ameritrade said that one in six baby boomers surveyed believe they’ll need $1 million to retire. The study also revealed that a majority of those surveyed have saved only a quarter of that amount to-date.
So, how much do you need?
Honestly, it’s not about your number. It’s about how much income you need in retirement to live comfortably and do the things that you’re passionate about. If you plan to buy a private island, you’ll need much more, but if you’re like most Americans, you’re more focused on maintaining your current lifestyle, having disposable income to travel, securing a financial legacy for your children and grandchildren, etc.
So where do you find your income in retirement? […]