MONEY MATTERS: How much money do you need to retire?
Dakota Dunes, SD —
How much money do you need to retire?
One of the first things you have to do is sit down and try to quantify what your burn rate is. You have to figure out in advance what you are going to need? To do that you need to sit down and do a cash flow and a budget.
You really have two things. Your needs and your wants.
What if you look at your burn rate and say i'm not going to make it? Are there ways to catch up in those last few years?
You really have to do one of three things or sometimes two. You have to save more today. You got to spend less in retirement. Or you have to retire later. Its really those three options. And sometimes a combination of both.
And I think we are finding more people who are deciding that they are wanting to retire later and sometimes working part time just to supplement.