Statistics Say: This Is How Much Money You Actually Need to Retire
If you're looking for a retirement savings goal, you might need a slight shift in your approach to get the best possible outcome. A few established rules can help you determine how much money you need to comfortably exit the workforce. Use these rules to craft a successful strategy that's tailored to your circumstances.
Many people want a magic number for ambitious savings goal setting. It's intuitive to monitor an account balance to figure out if you're meeting key milestones. Balances are a convenient scoreboard.
That's a flawed approach in most cases. Financial planners have no consensus on the magic number. Retirement goals and cash flow resources can vary dramatically among households. The cost of living can be significantly higher in some places, changing the baseline requirements to make ends meet.
Source Fool.com
