How much to put away for retirement? It depends

Monday, August 6, 2018
 | 
Chris Woodward (OneNewsNow.com)

pile of penniesA new survey finds $650,000 to be the median estimate of how much money Americans think will be needed in retirement. 

But one expert calls it unwise to come up with an arbitrary number.

The $650,000 finding comes from a Bankrate.com survey of 1,000 adults, USA Today reported

Financial expert, author, and speaker Chris Hogan says the figure really depends on someone's lifestyle, their debt load, and their aspirations for retirement.

"Do they want to travel, spend time with family and help their community?" he explains. "Anytime they try to come up with an arbitrary number, it's dangerous because we all have things we want to do and how we want to do it."

Hogan's website offer a free tool allowing people to choose how they want to live in retirement, along with how many years they have until retirement and how much they have saved. It's called the "Retire Inspired Quotient."

"The information will show them the number they would need based on what they want to live on per month," he explains. "But then it takes it a step further and shows them how much they need to be investing now to get there."

If you are years if not decades from retiring, Hogan says it's important for you to start putting back something for the future even if it's a little money at a time.

Meanwhile, older generations should share their experiences with young people to help them avoid the hardships they have endured during retirement.

Comments

We moderate all reader comments, usually within 24 hours of posting (longer on weekends). Please limit your comment to 300 words or less and ensure it addresses the article - NOT another reader's comments. Comments that contain a link (URL), an inordinate number of words in ALL CAPS, rude remarks directed at other readers, or profanity/vulgarity will not be approved. More details

SIGN UP FOR OUR DAILY NEWS BRIEF

FEATURED PODCAST

VOTE IN OUR POLL

The war-ready condition of the U.S. armed forces is…

CAST YOUR VOTE

GET PUSH NOTIFICATIONS

SUBSCRIBE

LATEST AP HEADLINES

  CDC can't stop evictions, as Biden calls on states to act
  Mask mandate reinstated in Bayou State
What election? California Democrats worry over recall apathy
Skipper: Docs show no coverup in submarine sinking
Death toll jumps to more than 300 in recent China flooding

LATEST FROM THE WEB

'Abysmal' comment by potential 2024 GOP presidential hopeful disgusts conservatives
Big Tech and its role in thrown elections
'Delta alarmism' may keep some schools closed
Woo-hoo! There’s now another way to push back against mask mandates
The left is desperate for COVID restrictions to continue

CARTOON OF THE DAY

Cartoon of the Day
NEXT STORY
Prayers answered, for now – 'Must Stay Gay' bill shelved

counseling therapy sessionA homosexual legislator in California is being applauded for pulling his controversial bill that would have made it illegal to offer resources or engage in efforts aimed at changing an individual's unwanted same-sex attractions.