Figuring how much income one needs to enjoy a comfortable retirement is never easy. Many advisors say you need to replace 70 percent of your pre-retirement income. But is that the best gauge? A better method would be to calculate your living expenses before you retire and then figure you will probably be spending less in your golden years. There are also a number of online calculators that can give you an idea of how much you will need in retirement.
One possible implication is that income might not be everything.
A new Morningstar report offers recommendations.
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