Financial planning experts recommend the amount of money you’ll need to have accumulated is equivalent to 70 percent of your annual salary at the time you retire, for each year of living in retirement.
For example, if you’re making $75,000 per year at age 65, and expect to live another 20 years past that in retirement, you’ll need: $75,000 x .7 x 20 = $1,050,000.
Saving for retirement must become a priority for all Americans, lest they are comfortable burdening their offspring with the task of supporting them at the time when their own children will need them most.
Planning for retirement is no longer an option. It is a must!