“How much do I need to retire?” People frequently ask me that question, which I addressed in a previous Kiplinger article, How Much Do You Need for a Comfortable Retirement? In that article, I explained that how much you will need in retirement depends on many factors, including how much you will receive in Social Security benefits, whether you have a pension, how much you need to cover day-to-day expenses, etc.
Many people come to the conversation believing that everyone needs $1 million saved before retiring. Whether that’s true or not also depends on several factors.
