Money & Retirement: How To Determine How Much Money You Need To Retire
No matter what your age (and it's never too late to figure this out), you need to know how much money you will need to live on once you retire.
Believe it or not, it's not that difficult to come up with this figure so you can start working towards it now.
Check out these simple steps to figure out how much money you'll need to retire.
In brief, it comes down to this:
- Determine your personal monthly expenses at retirement age.
- Determine all the income you might have coming in at retirement age (either directly, or through other means like Social Security).
- Whatever gap there is between your income and your expenses is the extra money you would need to obtain in order to retire and live comfortably.
Don't know how much Social Security you can count on when you retire? Find out how to read your social security statements, so you'll know for sure.
