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Re: Start off by determining your income needs
Posted by paul de k (# 1096) (more from paul de k) on Thu, 2 Aug 2012 13:29:45
In Reply to: Re: How much $$$ you need to RETIRE, Justin VanAbrahams, Thu, 2 Aug 2012 12:15:43
One first needs to determine their annual income requirements. Once you have done that subtract your annual after tax social security, pension income, IRA/Keogh income. What you will then be left with is the income stream that you would need from your personal savings. Take that annual income stream and then divide it by somewhere between 3% to 4%, and the
resulting amount would be the level of personal savings that you would require to support your total annual income requirements. So, that is somewhat of a ball park guestimate as to what level of person savings you would need to support whatever your retirement lifestyle is anticipated to be like.

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