In this video, Dimensional’s Massi De Santis, PhD. outlines the results of their research on how someone determines how much to save for retirement.
“How much should I save for retirement? Most people ask themselves this question at some point in their working life (hopefully, relatively early). With the continued shift toward defined contribution plans, future retirees are being asked to take on more responsibility for their retirement outcomes than in the past. So the question is of vital importance.
We have found that what works is a tailored solution that incorporates characteristics of each household.”
Sorry. There is no one size fits all answer. You are unique and so is the solution that will work for you.
Still, this is great research to help you Plan Well and Invest Wisely.
The full report is free. It’s under the LIVE tab in the Retirement Answer Library.
Is your soul on fire? Too many of us live in a prison within our mind. We are trapped by our past choices, not realizing that today, right now, we can start a new journey. If you feel stuck, you can create a new life. You can ignite your soul and live your own hero’s […]
You don’t like to lose money. Nobody does. That’s one reason it is so hard to stick to a long-term investment plan when we feel like we’re getting punched in the face by the markets. Just like a boxer, it’s natural to want step back and protect ourselves. This natural reaction, however, has caused most investors […]
It’s natural to fear a market correction. Losing money (even if on paper) sucks. News reports act as if market corrections are bad. That’s not true. The economy and the markets don’t function well without corrections. Just as there are benefits to a forest fire, a market correction is an essential element of a […]
Are you thinking of retiring to a different state? My wife and I talk about. I’ve heard Franklin, Tennessee is amazing, but my wife wants nothing to do with winter. If your family is considering retiring to a different state, there are some important planning items to consider. To help you, I’ve added a new […]
Medicare eligibility starts at at 65. If you’re blessed to be able leave your career earlier, you’ll need to evaluate your healthcare options until then. This week I talk with health insurance guru, Misty Kimbrough, about your healthcare options before age 65. Invest Wisely: 3 things you can do to ignore the voices in your […]
“How do I choose long term care insurance?” is question many baby boomers are wondering as they near retirement. It ain’t easy. Insurance is complicated and getting the right long term care insurance (not too cheap, not too expensive) can be hard to do. Before you pose this question to an insurance agent or financial […]
Not living a healthier life can be costly as you age. USA Today recently reported that the top retirement concern for people over age 50 is healthcare costs. In fact growing older and being unhealthy can be financially disastrous. It just makes sense, to take a proactive approach to investing in your health. INVEST WISELY: 5 […]
How much retirement income is enough?
In this video, Dimensional’s Vice President of Research Marlena Lee, PhD, explains that the answer should be customized based on each individual’s lifestyle and income prior to retirement.
Okay, that sounds a little obvious, but give it a view. She’s done a lot of research on what percentage of pre-retirement income is needed to maintain your lifestyle during retirement.
If you’d like a copy of the full research report, sign up for the Retirement Answer Library. It’s in there, along with other valuable resources.