Investment Updates
Four Retirement Planning Rules Of Thumb To Bend
Published Monday, March 28, 2016 at: 7:00 AM EDT
The online Merriam-Webster dictionary offers two definitions for "rule of thumb": A method or procedure based on experience and common sense, A general principle regarded as roughly correct but not intended to be scientifically accurate.
In other words, although rules of thumb can be useful guidelines, they're not gospel on any particular issue. This is especially important to remember when you're trying to set aside enough money to last comfortably through your retirement years. And while some traditional rules of thumb that have been followed faithfully for decades may serve as starting points, they're not infallible. Consider these four examples:
1. Save one million dollars for retirement. How much will you and your spouse need to live on in retirement? That's the age-old question. In recent years, some people have seized on a million dollars as the magic number to strive for. It's a nice round figure and, after all, can't a millionaire afford an upscale lifestyle in retirement?
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