How Much Do I Need To Retire Is All About You
Ahh, the beginning of a new year, the time for resolutions and questions.
Questions such as how much do I need to retire, how much should I have in my 401k or how much do I need to retire at 65. These are all very important financial questions; but ones that only you can answer. Retirement income is such a personal subject; it all depends upon what you plan to do in retirement.
What Will You Do?
The amount of retirement income needed at retirement will depend on your lifestyle; it’s all up to you. Ramping it up at retirement vs downsizing changes your financial need. Traveling the world will require more money than baby sitting your grandchildren. You cannot get the lifestyle choices wrong because that is personal; the only part of retirement you can get wrong is not saving enough money to achieve the lifestyle.
Use Financial Tools To Focus
To narrow your focus and answer the question how much do I need to retire you can use a retirement estimator, simple retirement calculator or a cnn retirement calculator. These tools will give you a Merrill Lynch retirement; which means a retirement based on your personal financial needs matched up with your financial resources.
These tools will give you choices by showing you how long your retirement income will last. If the calculations show that your retirement investments will not carry you through your retirement years, you make different decisions before you quit your job. You can choose to continue working and saving until you have enough money to outlive it, you can find part-time work or you can take the downsized retirement lifestyle. Financial calculators and tools help get personal by helping you make good financial decisions about your personal financial situation before you leave the work force.
Your Retirement Is About You
You’ve worked hard, you deserve a good retirement life. Make good financial decisions and you will have a great retirement; it’s all about you and it’s all up to you.