(As reported in Entreprenuer.com on July 16, 2013)
What’s your number?
It seems that we all have a number in mind, whether realistic or not, that if we get there, our financial future would be secure and we could retire without worry. For many this “number” keeps growing and forever seems out of reach. For some this number is “a little bit more,” even though they have long passed their requirements for a comfortable retirement.
After more than 30 years of working with investors and retirees, I have perfected a formula that works for families looking into the future. As you approach retirement and you are taking care of only you and a spouse (children raised and parents are not a financial burden) then the following formula is a realistic target: