Why $1 Million May Not Be Enough to Retire Comfortably
There is no universally accepted number for how much someone will need to save for retirement; many factors will determine that, including lifestyle, location, age, and the various income sources someone has. While there may not be a set figure, conventional wisdom tells us $1 million may not be enough for some people to retire comfortably. Here's why.
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The 80% rule is good to follow when figuring out the annual income you'll need in retirement. It states you should aim to have 80% of your preretirement annual income to maintain your current lifestyle in retirement. Here's what applying the 80% rule would look like at different income levels:
Source Fool.com
