How much do you need to save each year so that, in 20 years, you'll have a pool of investments that'll provide sufficient retirement income for the rest of your life from that point forward, or
How do you calculate how much retirement income you can draw annually and have your current investment pool last for 20 years of retirement starting now.
In either case, you'll want to first begin with the end in mind. What does/will retirement look like for you? Do you have a spouse or significant other who'll be sharing it with you? What will you be doing and what's the price tag? Future health and related costs? How long will you and spouse/significant other (if applicable) live and how many years will the funds need to sustain you? The impact of inflation and how best to compensate for that? Then tabulate the retirement resources that you have or can reasonably anticipate having. This is not just the "retirement investments" in your question but could also include: Social Security, any earnings from part-time employment or business during retirement, investments outside retirement plans, rental income (if applicable), resources of a spouse/significant other (if applicable), and so on. How do your current (or anticipated future) resources compare with anticipated expenses over a lifetime? Generally speaking, that should drive your decision on how much to save and/or how long a portfolio could reasonably be sustained. Make adjustments as needed. There are many online retirement calculators that might be of help, though I'm generally not a big fan...lots of simplistic assumptions, failure to coordinate all retirement resources, straight-line projections that don't reflect real life, and so on. I'd encourage you to instead hire an experienced fee-only financial planner who's a retirement specialist. Have them help you make sure you've covered the bases and then run projections with you. I hope that helps. Don't hesitate to reach out with any further questions.
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