Retirement planning

This morning, here on the blog, we're going to talk about retirement planning. Laura and I were chatting over lunch, wondering how much money you were supposed to have at retirement. (We usually talk about lighter subjects, but hey, we're maturing.) Recommended numbers always assume a certain lifestyle, which makes them very unlikely to fit your situation. Here is a simple formula I found yesterday on MSN, that works for any situation.

For every $1000 per month you need/want to have during retirement, you need $200,000 at retirement time, invested at a reliable 5-6%. You can customize that formula to your own needs, whether you plan to lounge around every day in a small village in South America or cruise the world 24/7/365.

Please consult your own financial consultant about your own fiduciary decisions. Kathy doesn't even have an accounting degree, for heaven's sake. She also does not make any recommendation or endorsement as to any investment, advisor or other service or product, although she can recommend a great margarita in south Austin. This blog post does not constitute advice and you should not rely on any material therein to make (or refrain from making) any decision or take (or refrain from taking) any action. I'm Kathy and I endorsed this message.