Some people think they need $3 million to $5 million saved to retire comfortably — at least according to more than 500 investors surveyed by Bloomberg. Retirement Tip of the Week: Don’t go by surveys or general rules of thumb to decide how much you need to retire. Do your own analysis and connect with a professional if necessary.
Many workers stress over the “right” number to save for retirement. Truthfully, nobody knows for sure what that number has to be exactly. Financial advisers do help crunch the numbers, including expenses, savings and investments rates of returns, but even still, there will be fluctuations — and there’s always the possibility of an unexpected emergency throwing a plan for a loop. Saving $3 million or more, however, is unrealistic for most Americans. Instead of harping on a single figure, focus on present spending and savings habits and anticipate for the future (even if it’s just big picture estimates at the moment). Want more actionable tips for your retirement savings journey? Read MarketWatch’s “Retirement Hacks” column How much a person needs to save for retirement is highly dependent on numerous factors. The survey backed this up: how much an investor thought she needed varied by location, Bloomberg reported. It makes sense. The cost of living is not the same for a retiree in New York City as it is for someone in a small town in Indiana or Wisconsin. Tax liabilities also vary by state, since some have income …