As a Financial/Retirement Planner, the two most common questions I am asked are, “How much should I have saved so far for retirement?” and “Do I have enough to retire?” While so many advisors, media personalities, scholars, etc. attempt to develop formulas to answer these questions, the reality is the questions are quite simply too difficult to answer utilizing these generic “one rule fits all” approaches.
Saving for retirement can feel like running a marathon without a finish line – a constant and tiring struggle. Lacking a preretirement savings objective can make it difficult to set up a realistic savings plan, determine a retirement budget or even accurately manage your retirement investments. Yet, fewer than half of Americans reported that they or their spouse have tried to predict how much money they will need for retirement, according to the Employee Benefit Research Institute’s (EBRI) 2013 Retirement Confidence Survey. Continue reading “Retirement Savings – How Much is Enough”