Are You Ready to Retire? 3 Questions to Ask Yourself
Retirement is an exciting chapter in life, but it's important to ensure you're as prepared as possible. Everyone's situation will be different, so there's no one-size-fits-all answer as to when you should retire or how much you should save. That said, there are a few questions you can ask yourself to gauge whether you're really ready to retire.
There's no set amount as to how much you should save for retirement. Some people will need well over $1 million to retire comfortably, while others may be able to get by on much less. Rather than using the amount you have saved as your barometer, then, think about how far those savings will go.
For example, say you have $500,000 saved for retirement -- a hefty amount by most workers' standards. But if you expect to spend, say, $60,000 per year, those savings will only last around eight years -- and that's not even accounting for adjustments in inflation during that time.
Source Fool.com
