Figuring out how much you need to retire is as easy as 1,2,3,4!
- "One factor is your debt. Payoff the highest cost debt first – but try to get all your debt paid off. As you retire – so should your debt be retired.”
- Moraif says an important factor is your health. "Particularly Long Term Care. That’s something Medicare won’t take care of. If you become incapacitated – and unfortunately there’s a good chance you will - and need somebody to take care of you, Long Term Care can make your life so much easier."
- "Consider your family. “If you want to leave an inheritance, or if you want to give your money while you’re still living and can enjoy it right along with them, you have to incorporate that into your cost of living.”
- Your current cost of living is important as well. "The single most important factor is your cost of living. It’s not how much money you have it’s how much you spend.”