EUGENE, Ore. – How much money a person needs to retire is a question on a lot of people’s minds.
KEZI 9 News talked to Ron Green with Oregon Pacific Bank to learn more.
How much money do I need to retire?
Green said retirement income is a question that suggests that you need about 40 to 50 percent of your current income while you’re working at retirement.
So if you retire at age 62 or 65 and you live to age 90, that’s 25 years. From there, do the math: Take your current income, multiply it by 50 percent and then by 25 years. Factor in inflation and the increasing costs of health care and insurance and see if you have enough money.
You can adjust your lifestyle and get by on 30 or 40 percent of your income, if needed, Green said.
Green recommends talking to a certified financial planner -- someone who can help plan out a strategy so you can retire when you want.
If you have a banking or finance question for Green, click here.