You may have heard you need at least $1 million to retire — and that may or may not be true. At the end of the day, how much you need to retire depends on your specific situation. Let’s walk through some scenarios and concepts to understand if you are prepared to retire and how much you’ll need to live comfortably.
When determining how much money you need to have saved for retirement, we need to start with how much income you’ll need on an annual basis. Some people may be frugal and need only $50,000 each year to live comfortably. Others may need $100,000 or $200,000.
