How much do I need to retire?

A good question, and one that all of us will have to answer. But How Much is Enough?

Consider that there are four financial possibilities when you retire:

1. You have enough money to retire comfortably and take care of all living expenses for the rest of your life.

2. You do not have enough money to retire on and you cannot afford to enjoy retirement.

3. You run out of money due to some catastrophic event and have to go back to work. I have known several people who have had this happen. In most cases, medical expenses ate up their savings.

4. You could just live too long and run out of money. In this case, maybe social security may take care of you. But your standard of living could go way down.
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