I see commercials and ads all the time talking about the magic number that one needs to be able to retire. There are differing opinions on this topic and even the so called experts can’t even seem to agree.
One report is saying you will need at least eight times your annual salary while others say you will need to add up your annual spending and multiply that number by 25 to figure out your magic number. This is just two of many theories. This really creates major confusion for the average American and it’s no wonder why a lot of folks are procrastinating on creating a solid plan for retirement.
The simple fact is….there is no set magic number. The amount of money I need in retirement is not going to me the same amount you need in retirement. It really doesn’t make sense to look at one number because there are so many variables, like when you are going to retire, spending habits, long term care, amount of social security you will receive, unexpected illnesses/deaths, and many more.
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