How Much Money is Enough to Retire?
Every client asks an age-old question: “How much money is enough to retire”? While everyone asks this question looking for a real figure; unfortunately, there’s not a solid answer. The reality is that every situation is different. As a result, your “magic number” for retirement is based on your financial plan, your goals, and what you want your retirement lifestyle to look like. For instance, if your plan includes traveling the world and having a very active retirement, the amount you will need to live those years comfortably is going to be different from the person who wants to sit on their front porch and take life slowly.
Therefore, the best thing you can do today to prepare for retirement is talk with a financial advisor and have them help you determine how much money is enough to retire. Remember to talk through all of your goals and look at them from a holistic standpoint. This will help you understand the best way to save now to ensure your retirement dreams become a reality.
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Michaela Laney
Financial Planning Associate, Wiser Wealth Management
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