7 Reasons Retirement Income Formulas May Not Work For You

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How much money do you need to retire? This is probably one of the most significant questions facing workers approaching retirement age, and it’s not simple to answer. Some experts will tell you that you will need 80 percent, 85 percent or even
100 percent of your pre-retirement income to live comfortably during retirement. Other sources report that you need some level of savings, such as $1 million, $1.5 million or eleven times your ending salary to be able to finance your retirement. But the question of how much money you need to retire can’t be answered by a one-size-fits-all formula. There are at least seven questions you need to ask – and answer – before you can determine how much money you need to retire.

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