Will you have enough $ to retire?

From Consumer Reports

In the October 2010 Issue Consumer Reports ran article titled: “Will You Have Enough to Retire?”

"If you can't answer that question, you're in good, or at least plentiful, company these days. Just 46 percent of U.S. workers say they or their spouses have tried to calculate how much they need to save for a comfortable retirement, according to a recent survey by the nonprofit Employee Benefit Research Institute in Washington, D.C. And 14 percent of that group admit to guessing.

Even if you never plan to retire fully, or the day is still decades off, having more than a guess about how much money you'd need can help you avoid some unpleasant surprises years from now. "It may sound like a lot of work," says Steve Vernon, an actuary and blogger on retirement topics in Oxnard, Calif., "but it's worth it given that you're planning the rest of your life."

It doesn't have to be a lot of work if you shoot for an approximate number rather than try to account for every possible variable. With all the unpredictable factors involved, including future inflation rates and investment returns, as well as your own longevity, an approximation may be the best you'll do anyway. Here's how to come up with one.


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Will you have enough $ to retire?
Will you have enough $ to retire?
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