When it comes to money and people who are thinking about their future, a question that will often come up will be: how much to retire? See, there isn't a fixed amount that I could give you and where I could honestly say: here, you need to save up $xxx to be able to retire. That's because when you are calculating how much to retire, there are many variables involved in the equation. You see, I don't know what lifestyle you are living right now. I don't know what your expenses are and thus how much to retire in terms of money you will be spending each year. The calculation is for you to make. But what is certain is that you will need some money to retire comfortably.
Your Retirement Savings: How Much to Retire
If you think about how much to retire, then you obviously need to have set up some type of retirement savings. And for that, you will need to save money every year for your retirement. Unfortunately, many of us do not even think about how much to retire, as we are too busy living paycheck to paycheck. This prevents many people from saving even a penny towards their retirement. It is also what causes many people today to work well into their late 70s before they can finally retire. (more…)