Most experts say you will need to keep generating 75 to 85 percent of your pre-retirement pay to maintain your current standard of living,
Fidelity Investments says that you should have eight times the final salary in investments.
Suppose you earned $70,000. Eight times that gives you $560,000, which could generate almost $35,000 a year after you retire.
Social Security would probably replace 35 percent of salary, bringing you to 85 percent of your final salary.
We all hate something. Almost everybody hates taxes. My wife’s family hates the Red Sox. Me? I hate online calculators.
For a textbook example of why, here’s this week’s reader question:
I checked the calculators you provided in your recent article “8 Reasons Your Parents Had an Easier Retirement Than You Will.” AARP said that I was over target, Bloomberg had me right on, and the FINRA calculator said that I needed to save 50 percent of my income every year from now on to make my target.
How do we validate that the information we are getting is accurate? There is