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How Much Money Do I Need to Retire?

Trying to figure out how much money you will need to retire can be one of the most difficult financial questions to answer. It’s a critical question to address the older your get because while you may be able to live off of nothing but Social Security in your older age (millions of people do it), it won’t be very enjoyable. The average monthly payout is right around $1,300 these days, and that does not go far. So beyond Social Security, how much money will you need? Unfortunately, since everyone’s spending habits are different, there’s no single magic number. A standard benchmark many people toss out

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