We keep telling you that you need a million dollars if you want to retire comfortably. That number, though, may not be anywhere what you really need.
One projection says you actually need 16.4 times your annual salary in order to make it a comfortable retirement. Part of the reason for that is that we live longer these days. Lone Star College economist Hank Lewis says he doesn’t see it as a hard number.
“A lot of it has to do with maintaining a certain lifestyle,” Lewis said.
But even that may not be enough. Lewis says your health can impact your number as well.
“That’s one of the things a lot of people aren’t prepared for,” Lewis stated, adding that if you have the option to open a HSA you should do it.
And if you don’t have the money you need to retire, Lewis says you should consider downsizing, and maybe even working a part time job in retirement