
How to Stretch Your Retirement Dollar
(A Practical Guide to Getting More Life Out of Your Money)
How much money do you have saved for retirement?
More specifically, how much money do you think you’ll need to live comfortably when you retire?
Obviously, the answer to the second question revolves around a complicated set of formulas based on how long you think you’re going to live and when you’re planning to retire. Where you’re going to live. Whether you are concerned about just your own expenses or if you’re supporting others (or having children take care of you).
Some experts have said that you should try living on just 25% of your current salary for a year, just to see if you could afford retirement spending in your current mindset. If not, maybe you need to adjust your retirement plan a little bit.