[USER]

How do you know if you have enough money to retire? I know to add up the inputs and outputs but how do you plan for unplanned expenses, cost of living increases, etc?

To make things more complicated, I will be getting social security and I have a small IRA and 401K while my husband has a pension.

[Andrea]

A fee based financial advisor can analyze all this for you, and produce charts showing each year into the future what your financial picture will look like given different assumptions.

[Eric]

How old are you? If over 60/62 and you don’t have an expectation to live past 88/90, then yearly expenses x 25/27 (.037 * net worth adjusting for inflation each year) assuming a 60 %(stocks) /40(bonds/cd’s/safe dividend /real estate)

[David]

Rough calculation. Figure out your spending need per year, subtract pension and social security, leaving you with the annual gap you need to fill.

Multiply that gap number by 25.

This is the amount of money you’ll need to be able to fill the gap each year and account for inflation reliably for a 30 year retirement.

[John]

Save/ invest about lot more than you think you need like 4 x as much. Then still live frugally

[Author]

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