2021 is here. Those of the age at the beginning of a new year may be thinking about retirement. The question came up about how much money you need to retire comfortably. With advances in healthcare, many of us will live longer. Some of us may even live up to the age of 95. In this scenario, the conventional wisdom is shattered as actuary tables are completely wrong.
The conventional wisdom is that most of us will only need $1 to $1.5 million to retire. But this does not take into account that we are living and working longer. On one personal finance blog, they proclaimed that "$10 million was the new $1 million figure" for a comfortable retirement. Based on our conversations, the answer was it depends. It depends meaning based on your family genes of longevity and what lifestyle you are accustomed to living.
What is your number for retirement?
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