Retirement: How Much Money is Enough?

Retirement: How Much Money is Enough?

Joseph Feibel – January 16, 2018

Because of inflation, we all face a big problem in planning for our retirement years. So many questions in thinking about retirement. One of the most important questions is how much money do I need to live like I’d like for the rest of my life. Young people don’t always think about this much, but as you grow older into middle age, like me, you probably will think about it more. I imagine when I get into my fifties, which aren’t too far away, I will think about it even more.

So, how much money really is enough to retire? The answer is who knows, no one really can. Taxes and inflation are hard to predict and these are critical to your retirement. Nothing is certain; save what you can and diversify your investments. I believe our greatest asset is our health and ability to work and earn a living. Rather than just passive investments like stocks, bonds, and mutual funds in your 401K or IRA, an equally important part of retirement planning is to have a skill you can use to earn money if you need to. Hopefully you won’t need it, but it would be good to have a back up plan for a good job if you do. Maybe you can find something other than your main job that your really like to do that you can earn money in. Maybe start a small side business. I know that even after I retire from my main job, I will likely still work part-time doing something where I can earn some income and be productive.