How much money do you need for retirement? This is a question that often comes up. As with many questions in the financial area, the answers comes back , “It depends.” Some of you might not like this answer, but again the best financial advice comes customized to the individual.
Marlene Lee, Ph.D. gives an example as to why the answer to, “How much do you need for retirement?”, gets the reply, “It depends”
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For more information on the study you can review Marlena’s research paper “The Retirement Income Equation.” As you can see at different income levels the percentage of income that needs to be replaced during retirement differs.
How much replacement income do you need? And, are you saving enough to achieve this amount?
Author
Isaac is a Fee-Only (no products sold) Certified Financial Planner® Practitioner. Isaac founded Stalwart Financial Planning with offices in Fayetteville NC and Durham NC. Isaac provides comprehensive planning and investment management services to individuals from all walks of life. Isaac can be reached by phone at 910-867-8464, or by email (iallen@StalwartPlanning.com). Visit him at Stawart Financial Planning www.StalwartPlanning.com.