Is Your 401(k) Enough for Retirement?
It's common to wonder if your 401(k) will cover all of your retirement needs. That depends on your personal circumstances and goals, but some alarming data on retirement savings indicates that most people won't get enough out of their current 401(k) investment strategies. There's no magic number to know how much you'll need to retire, but we can certainly look at proven retirement planning concepts to get some clarity on what goals you'll need to set.
No two households are the same, and everyone has different goals for their retirement lifestyle. Some people have high monthly bills, while others have close to none. Some people will incur major healthcare expenses in their golden years, while others will remain relatively healthy.
Currently, the median household income for retirees is around $60,000, and the mean income is closer to $85,000. The purchasing power of those income levels varies based on tax situation and location, but these numbers are still helpful for setting a standard.
Source Fool.com
