Here's How Much You Should Have Invested for Retirement at Age 50
Do you know how much money you'll need to retire comfortably? Most people at least have a guess. Insurer and mutual fund company Northwestern Mutual reports that Americans, on average, believe $1.46 million is the magic number.
That figure sounds about right, too. If you apply the 4% rule for withdrawals from a retirement fund, such a nest egg would provide roughly $60,000 worth of income the first year it was tapped... a figure that would then grow with inflation in future years. Supplemented with the average monthly Social Security check of $1,767, most people could make that amount work.
Problem? The idea of saving up $1.46 million can be daunting.
Source Fool.com
