J. Miller and Company Blog

March 29, 2006

What You’ll Need to Retire

The article defines methods for determining what you’ll need to retire:

  • List your current expenses
  • Estimate your new expenses in retirement
  • Add up your future estimated expenses
  • Find your estimated social security benefit
  • Add your pension or retirement plan benefit

 Then determine what you need to SAVE to meet that goal (go to troweprice.com/ric for an online calculator).

The article goes on to say that you’ll need to have saved at least $1.25 million at age 65 to be able to withdraw between $50,000 and $62,000 (in this year’s dollars).

Let’s start SAVING!

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