The “How Much Money Do I Need for Retirement” Conumdrum
In some respects, it’s like the chicken-and-egg riddle. Figuring out how much you’ll need for a sustainable retirement hinges on how much you’ll spend, and the task is so daunting that, according to a study by Age Wave/Merrill Lynch, eight in ten respondents do not claim to know how much of a nest egg they’ll need for their retirement years. So, not having an idea of the overall picture makes it difficult to figure out an appropriate savings strategy, without being the potential for a serious shortfall later in life.
The Age Wave/Merrill Lynch study proclaims that, on average, proclaims that nearly three quarters of a million dollars will be required to generate the income for retirement. Healthcare and long-term care are wild cards in the retirement planning game, with out-of-pocket healthcare costs projected to consume an average of $275,000 for the average couple. Having a savings strategy to deal with these projected costs in place as early as possible is the key, as outlined in an article by the Motley Fool’s Selena Maranjian. Read the article here…
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.