There are varying estimates of how much money an individual needs to retire. One guideline suggests $1 million, while another recommends you save 10 times your last annual salary. But there’s no one-size-fits-all approach, and you’ll have to consider a variety of factors to determine what’s best for you and your family—like your age and current annual income, desired retirement age and income, and expected annual pension and Social Security. Then, of course, your personal spending habits weigh in.
There are plenty of retirement calculators available, such as CNNMoney’s calculator
, AARP’s retirement predictor
, and SmartMoney’s retirement planner
. Working with a financial adviser can also help determine how much money you’ll need.
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