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How much money do I need to retire?

There is no absolute answer to this question - it differs for each person. Some factors to consider are:

  • Housing: Where will you live? Same location? Will you rent or own?
  • Travel: Will you take fewer trips? Will you fly?
  • Social: What hobbies will you have? How will you spend your spare time?
  • Transition process: Will you work part time?
  • Family: Will you still have dependents (children, grandchildren, etc.)?
  • Medical: Do you anticipate large medical bills due to a current medical condition? Is there a family history of disease or illness?
  • Sources of income: Will you have a pension or retirement plan? Personal investments/savings? Social security (see to request a benefits estimate)? Part time employment? Other sources?


Dr. Joyce Cavanagh, Former Assistant Professor and State Specialist, Consumer and Family Economics















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Last update: Tuesday, July 22, 2008




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