The rule of $1,000 can help you quickly figure out how much dough you need to save for retirement. You can guess, of course. Or go with a big number like $1 million, or even the $1.46 million that 401(k) plan participants surveyed by Fidelity think they’ll need. Or you could hire a financial adviser to run the numbers in a retirement plan.
You can also use back-of-the-envelope guesstimates that give you an idea of how much you must save in your 401(k), IRA, or 403(b) to generate enough monthly income to retire comfortably.
