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How much do you need to retire? The number may shock you

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How much do you need to retire? The number may shock you -The Wall Street Journal reported earlier this month that to live comfortably in retirement, you will need anywhere from 70% to 100% of your pre-retirement income. To help you calculate this, the Journal referred to in Cori index. This index will help those who are between 55 and 64 years calculate how much money they have to have 65 years to fund their retirement. For example, at 55, the index is $ 12.82 which means that for every dollar of retirement income, you need to have accumulated $ 12.82. If your goal is $ 80,000 starting income to 65, you will need your retirement fund (IRA, 401k, investments, etc.) for $ 1,025,0. If you are 60, it jumps to an index Cori $ 16.05, which requires $ 1,284,000. These figures stand in a rate of 2.5% per year inflation, but the question is, can you get these numbers?But that's not all you have to plan. An average American couple retiring at age 65 today would need a present value lump sum of $ 293,000 to cover future health insurance premiums and medical expenses out of pocket on the rest of their lives, ie, unpaid fees by Medicare (source: actuarial Company).$ 293,000? Most people do not have that amount set aside to live on in retirement even less to pay for unreimbursed medical expenses. If you are over 55 and have not started your planning, it can be difficult to achieve these goals, but if you are younger with more time for your planning and investment to work, these goals should be easily achievable . In both cases, reach out to your agent or planner to guide you through the appropriate decisions for your personal goals.

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