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How To Retire Rich and Happy
Answers to your 10 most urgent retirement questions from our two no-nonsense experts.
Ellen McGirt and Andy Serwer
William Shakespeare nailed the retirement thing, buying a country house for cash, then living off his investments until he died. When we went on the Internet to ask readers what they wanted from retirement, we found people wanted what he had - a secure stream of income (and to avoid the plague). Continue below.
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There's the rub: Satisfying these simple desires requires complex decisions. We want to help. Here are the ten questions that came up most often- and our answers.
1. How much will I need in retirement?
Ellen McGirt: The conventional wisdom is that you'll typically need 70 percent to 85 percent of your working income. But there is no one-size-fits-all answer. First, you need to consider what kind of retirement you want - and be realistic about what your resources are. Some late-blooming boomers have considerable debt; others have notions of retirement - say, that dream trip to Antarctica - that are, frankly, damned expensive.
Drew Tignanelli, a CPA and financial planner from Maryland who manages $120 million, doesn't start with a number. "I've had clients retire happily on 50 percent of their salary and others who couldn't make it on anything less than 120 percent," he says. Instead, he encourages his clients to bring their dreams into focus first and work backward from there.
"Give me as much detail as you can about your goals, when you want to retire, where and how you want to live, and what you want to leave behind." It's a complex financial stew, requiring his clients to make tough decisions on spending, saving, and risk. And the calculations need to be adjusted as times, needs, and assets change.
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