I save for retirement, I invest and I take a pretty active role in my savings. However I’ve never seen a good method for determining what I will need. I recently received an ad from Fidelity, which holds the vast majority of my retirement savings, about a retirement calculator that is supposed to tell you if your on track for a comfy retirement.
I couldn’t answer all the questions but look at this, can I be this far off?
They say I will need almost 6 million to retire? And that I have to increase my savings by 10 to 12K per month – well over my take-home? I didn’t even specify what I thought I’d need to live on, I let them estimate it for me.