Skip navigation


Current DateTime: 12:52:57 28 Nov 2009
LinksList Documentid: 24355697
  • Runway Angels

      The superbowl of fashion shows, models walk down the runway at the 2009 Victoria's Secret Show.

  • Smartphone Guide

      Here's a need-to-know guide to nine devices, based on features, price, network and platform.

  • Wines for the Holidays

      Not quite sure what wine to pair with Turkey or Creme Brulee? Our experts do.

FEATURED QUIZZES


Current DateTime: 12:52:57 28 Nov 2009
LinksList Documentid: 33793611
  • How Well Do You Know Your Bird?

      Let's talk turkey. Test your turkey knowledge and perhaps pick up a bit of trivia to trot out at your holiday meal.

  • A Healthier & Wealthier You

      Take the following quiz and find out how much you know about the impact of obesity on the health of the U.S. economy.

  • The Billionaire BFF's

      Philanthropists. Bridge partners. Hockey players. Which responses are based on facts from Buffett's and Gates' real lives?


Current DateTime: 12:52:57 28 Nov 2009
LinksList Documentid: 24890560
  • Winterizing Your Portfolio

      If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.

  • Investor's Guide to Real Estate

      Some even say the long-awaited recovery is here. Regardless, buyers and sellers alike can profit from our guide.

  • Alternative Investing

      Stocks and bonds? Sure. But it's a big world out there for investors.

powered by digg
How Much is 'Enough' for Retirement?
By: Dana Dratch, Bankrate.com | 21 Nov 2008 | 12:06 PM ET
Text Size

When it comes to retirement, no nest egg is ever too big.
iStockphoto

But with an economic crisis draining the life from 401(k)s, IRAs and pension plans, a lot of people are asking themselves if they can still afford to retire early, on time or at all.

Individuals "can still set any goal they want," says author and economist Ben Stein. "The question is, can they get to it?"

In recent years, it wasn't unusual for investors to recoup 8 percent or 9 percent annually from their retirement accounts, he says. "Those predictions are now off the table."

Now, our nation’s financial predicament has many people challenging the assumptions they'd made about retirement.

"The real question is if retirement as a whole is still relevant," says Stein, author of "How to Ruin the United States of America." The recent economic crisis "has put a crowbar into people's retirement planning," he says. And it "calls into question whether a whole generation of Americans can retire. The result is that all bets are off."

3 steps to control
Three things you can do to take control of your retirement are find a job you truly love and retire later; save more for retirement; and maintain a more modest standard of living, Stein says.

_____________________________________
More Stories from Bankrate.com:

_____________________________________

And while you may choose to alter your plans or your investment strategy, the important thing is to keep saving. "You really should be maxing out whatever retirement plan you have at work because you're going to need it with this crazy economy," says Karen Altfest, a Certified Financial Planner and vice president of L.J. Altfest & Co., a New York-based fee-only financial planning firm.

"Pay attention to it," says Ric Edelman, author of "The Lies about Money." "Retirement," he says, "will be here before you know it."

Drew Tignanelli, president of the Financial Consulate, a Maryland-based planning firm, agrees. "Unless you believe the world's coming to an end, you should keep putting it away," says Tignanelli, a CFP and CPA.

That doesn't mean closing your ears to what's going on or reacting to every bit of "breaking" news you hear. "Getting scared sets the tone to make mistakes," he says. Instead, it's a good time to sit with a neutral professional (one who doesn't make a cut from moving your money around or selling certain products) and hammer out your best long-range strategy.

"There are unique periods of time where you need more active management," he says. "This is one of them."

What's the 'Magic' Number? Read More...

© 2009 Bankrate.com
Tools:
Print EmailAdd This share icon
  • digg share

CNBC HIGHLIGHTS

  • These four sectors will be the next to lead the market.
  • Zhu Zhu Pets are this year's must-have toy, fetching $40 or more on eBay.
  • T shirt man
  • From the why-didn’t-I-think-of-that file, we present Jason Sadler, a man whose job is wearing T-shirts.
  • It may be the most unusual guide to business you'll read.
  • Shopping for a gadget hound? The choices can be baffling. Here are a few that should be a hit.
  • "The Who" will be the halftime act for Super Bowl XLIV on Feb. 7 in Miami. Is the NFL behind the times?
ADD COMMENTS
Remaining characters


Current DateTime: 01:02:03 28 Nov 2009
LinksList Documentid: 29778428

Current DateTime: 01:02:03 28 Nov 2009
LinksList Documentid: 29779196

Current DateTime: 01:02:03 28 Nov 2009
LinksList Documentid: 29779199

Current DateTime: 01:02:03 28 Nov 2009
LinksList Documentid: 29779198
  Data is a real-time snapshot  *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
A Division of NBC Universal
Thomson ReutersThomson Reuters