Saving for Retirement - Personalize Your Nest Egg
Investor’s have recommended saving anywhere between 1 million and 2.5 million dollars for retirement, although most households save an average of 100,000 to 150,000 dollars. New studies, however, show that most retirees spend significantly less in retirement than while they were working. For this reason, more and more investors are recommending setting up a portfolio that will generate between 70 and 80 percent of your highest working salary as an income replacement during retirement. Even with these new benchmarks, studies show that retirees get by with even less. Experts are shifting away from set dollar amounts to aim for and towards personalized plans based off of working salary that can sustain retirees for at least 25 years. Tom Anderson has more to say on the subject with CNBC.
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