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How much do I need to retire?
How much will you need when the magic retirement age comes around?
I suppose technically, more than enough, but as you spin out your retirement plans, the benchmark is somewhere between sixty five and seventy five percent of what you are pulling in now. Tuck into that figure the travel you will want to experience in search of lost tombs or growing grandchildren, and you may want to edge that percentage up to 80 or 90, or more. Later on in your retirement years, you may not have the health to travel and your entertainment and maintenance expenses may be less than your current budgeted amounts. Of course with that loss of health come higher medical bills, something you will want to plan to cover before they are needed.
The average life span for both men and women is over eighty. If you retire at 60 (now that would be nice) that’s at least twenty years without your standard income. It is encouraging to have some clue as to how you will do financially and how much you will need.
Most retirement planning sites will have a calculator online to give you ball park figures and help you assess where you are in the retirement continuum.
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