How much savings will I need to retire? That’s the $64,000 question these days, and to be quite frank, there isn’t an exact answer. But there are some ways to figure out your expenses during retirement that will get you closer.
While nearly 50% of Americans 45 and older said that dealing with daily expenses was their most pressing financial retirement worry, according to a retirement survey from Hartford Financial Services Group, many struggle to estimate what those costs will actually be, experts say. “You can’t project retirement expenses perfectly,” says Carrie Schwab-Pomerantz, CFP, the chief strategist of consumer education for Charles Schwab. You can, however, make a decent estimate, she says. Here are her three tips for figuring out those costs.Continue Reading