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… 


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