Aiming for this level of savings is a good starting point, said Karen Kruzel, a fiduciary investment advisor at Unified Trust Company in Lexington, Ky.
“Using the ‘4 percent rule’ — drawing 4 percent annually from retirement savings — this level of savings, coupled with Social Security benefits, will probably meet all spending needs for the long duration of retirement,” Kruzel said. “However, $1 million may not be appropriate for everyone.”
If you plan to live an expensive retirement lifestyle that includes frequent travel or a vacation home purchase, you will likely need more than $1 million. Other people might need less, assuming they’re frugal in retirement and remain in good health.
“No two people will have the same exact retirement needs,” said Chuck Mattiucci, a financial advisor with Fort Pitt Capital Group in Pittsburgh, Pa. “There is no one-size-fits-all approach to retirement planning.”
Shopping at Costco can be a great way to save money, but you might not…
Not too many years ago, cutting expenses by buying a generic brand brought with it…
No matter what type of budget you’re working with, there’s a chance you’re overspending on…
Online shopping means customers all over the world have greater access to everything from rare…
If the lyrics to the Dolly Parton song “9 to 5” could be your autobiography,…
If you think you’re the only one hurting for money, think again: Making more money…