Q & A
Will I need a million dollars to retire?
Answer: How much money you need to save for retirement depends entirely on the standard of living you plan to have. And, trust me, a loosey-goosey estimate that figures on “a used-car payment and groceries” won’t do. You will need a meticulous list of the spending you expect to continue in retirement. You don’t want to be like the recently infamous budget exercise for McDonald’s employees that forgot to include little items like food and gas. And about that million: by an index I call “Life of Riley,” it would now take Social Security and about $1.1 million in retirement savings to provide an income of $74,000 a year — an amount that is more than about 75 percent of all households have. Read more…
Source: http://www.ohio.com/business, October 13, 2013
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