• Question
  • How much money should a person have to very comfortably live when they retire

    Asked by a 64 year old man from Everett, WA on 1/28/2013

    How much money should a person have to very comfortably live when they retire

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  • Categories: Retirement Planning, How Much Do I Need?

Answers

  • Editorial 

    Editorial 
    NewRetirement

    San Francisco, CA

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  • The answer to how much is adequate for retirement is really dependent on various important factors like:
    -- Your guaranteed retirement income (how much you will receive from Social Security, pensions and/or lifetime annuities)
    -- Your retirement expenses... Some people can retire with very little in assets because they live a very very modest life... Others require literally millions of dollars in savings to support themselves in retirement.

    Home equity, your health, supplemental health insurance to cover out of pocket expenses like long term care and other factors will impact the answer to this question. Experts estimate that the average lifetime out of pocket healthcare cost for a 65 year old couple is around $200,000...

    A good way for you to get a personalized answer to this question about how much you need for retirement is to use the NewRetirement Retirement Calculator.
    https://www.newretirement.com/retirement-calculator/default.aspx

    You tell the system about your income, expenses and assets and it will tell you:
    -- When you might run out of money (using both pessimistic and optimistic assumptions about inflation, investment returns, etc...)
    -- How much money you should ideally have saved
    -- How and when you might need to draw down your savings
    -- Your net worth will change between now and up to 10 years past your expected longevity
    -- Ideas for improving your overall financial situation

    We wish you all the best!
    http://wwww.NewRetirement.com

  • Login to rate this answer:   Answered on 1/28/2013
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.