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How much do you think you need for retirement? How are you saving for retirement? Even...

How much do you think you need for retirement? How are you saving for retirement? Even if it is far away, what steps can you take to ensure that you will be comfortable for retirement?

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Answer #1

I think I would require at least a million dollar at retirement. For this I am saving by depositing in Traditional and Roth IRA accounts.

Following steps are required for retirement planning:

1: Estimate the years life remaining after retirement.

2: Estimate the requirements such as monthly expenses, world tour planned after retirement, inheritance to be passed at death etc.

3: Find the amount required ar retirement by discounting the expenses and needs at a reasonable discount rate.

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