How much income will i need in retirement

How much retirement income will i need - This allows you to really explore a different culture in another part of the world beyond what a tourist would experience while perhaps actually saving money if you can live long enough in an area like much of central and south america and most of asia, where the cost of living is much lower. You know how much income you need in retirement and how much of that is likely to come from social security -- and perhaps a pension or annuity, too -- then you will know how much you'll need to fund on your own with your investment accounts. If you're fortunate enough to have your mortgage paid off by then, that would be a huge burden off your back, particularly if you live in an area like southern california where people tend to spend a larger percentage of their income on housing. For example, healthier people will likely need to spend less on healthcare in retirement than those with medical challenges, while those who want to travel the world or play a lot of golf will probably need to spend more than stay-at-home retirees.

How Much Income Do You Need in Retirement?

Dimensional Vice President Marlena Lee, PhD, explains how her research on replacement rates can help you prepare for a better ...