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$1 Million Needed to Comfortably Retire?
As Maurie Backman notes, there’s just no way to know exactly what your golden years will look like financially. Much of what you spend will depend on the evolving state of your health, the extent to which your home needs repairs, and other lifestyle choices that you cannot predict in advance. But a ballpark estimate of what retirement will cost you can help. According to a recent survey from the Employee Benefit Research Institute, 48% of workers have tried to calculate how much money they’ll need to live comfortably in retirement, and among those who’ve run the numbers, 40% think they’ll need $1 million or more to maintain a decent standard of living and 16% think retirement will cost them $2 million or more. Read the piece by Backman here where she talks about how one gets there.
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