The answer to this question depends on how you plan to live after you retire. You will likely need more money if you want to travel, for example, than if you stay at home. Find out more about what income you may need after you retire.
Can you live on less after you retire? Again, it depends on your lifestyle. Some costs in retirement
are lower. You won't have to travel to work. You’ll probably have paid off your mortgage. And the kids will likely be through school and living on their own.
But other costs may increase. Seniors may have higher health care costs. And don’t forget: prices may rise, so the same income won’t go as far. Learn more now about retirement spending.