Money Not Age Should Determine Retirement Plans

Though financial independence determines whether or not a retirement strategy will be successful or not, most people associate retirement with reaching a certain age rather than a dollar amount. It is important to have a thorough plan in place and to know exactly how much is needed to fund your retirement and, yet, many people save without a clear idea of what their final goal should be. For example, a recent study found that 92 percent of workers said they don’t know how much their health care will cost in retirement. And though a 65-year-old couple retiring this year would need approximately $230,000 to cover medical expenses alone, only eight percent of respondents estimated they’d need more than $200,000, while a majority said less than $200,000. More here.

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