There are certain rules of thumb to finding a retirement magic number, but retirement planning needs to be personalized, say financial experts.
Here’s some good news: Most people may not need to hit the $1 million mark in savings to retire comfortably. But it depends on many factors, financial experts say.Canadians think they need a staggering $1.7 million in savings to retire
So how to calculate just how much you need to retire? Like a lot of financial advice, Jason Heath, managing director at Objective Financial Partners, says that it depends. “I wish I could say retirement planning is as easy as, say, ‘save a million dollars or invest 10 per cent of your salary, and you’re going to be fine.’ ”
Potential health issues and whether you will have a mortgage or financially dependent children going into retirement may also affect your required income. Factors like these make so-called magic retirement numbers or traditional savings rules irrelevant for most people, explains Heath.
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