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MissouriFamilies.org - Money Matters - Consumer Action

 

Finance Quick Answers

 

 

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 www.ssa.gov 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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