08 June 2009

New York Number

I was reading a post on Consumerism Commentary.  Flexo’s post Let’s Stop Envying Millionaires suggests with the increase of millionaires in the world that we should look at a lighter level of savings  He also suggests that $1,000,000 won’t be enough to retire on.  He also introduced me to the best retirement calculator i’ve seen.  This calculator asks a few questions about your preferences instead of asking about money.  Based on your preferences it calculates your recommended retirement amount.  This calculator is your New York Number.

My score from this questionnaire is 20 correlating to a $1 million retirement amount.  This amount makes me feel more comfortable with the What is your current salary and how long until you retire based projections.  My normal range was $700,000 - $2,000,000.  One thing i don’t like about most retirement calculators is they want you to predict what rate of return your portfolio will have until you retire and the rate after you retire.  If i could predict the markets that well i’d be rich enough to not need to worry about financial planning.

What you you think?  How much are you planning to retire with?  How did you determine the amount needed?

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