Are you wondering about how much you’re going to need saved for when you retire? It’s a common question that a lot of people have, young and old. Some of the more common questions that I get are, “What is the amount of income that I’m going to need in retirement?” or, “How do I figure out what my retirement income needs are going to be?” It’s a tough question. The toughest part about answering that question is that there is no clear cut answer. There is no universal formula, some general mathematical rule of thumb, or some magic number that you need.
Your retirement income needed all depends on your unique situation.