Skip navigation


Current DateTime: 07:16:53 12 Nov 2009
LinksList Documentid: 24355697

FEATURED QUIZZES


Current DateTime: 07:16:54 12 Nov 2009
LinksList Documentid: 33793611
  • The Billionaire BFF's

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

  • The Many Myths of Coca-Cola

      Can you tell which statements are true, and which ones are just rumors?

  • Think You Understand Markets?

      We've selected some questions from the Financial Industry Regulatory Authority's test of investor knowledge. See how you do ...


Current DateTime: 07:16:54 12 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

  • Warren Buffett and Bill Gates spoke to Columbia students, and Buffett made the students a startling offer.
  • They may have wrecked their companies or saved our economy. Tell us what you think.
  • Big pharma embraces social media, but how much should a tightly regulated sector say on Facebook or Twitter?
  • A European dating site finds lovelorn singles from one country to be consistently uglier. Which is it?
  • Contributor David Pogue looks at two of the latest efforts to perfect the digital pocket camera.
  • PepsiCo is ramping up its onsite health facilities for workers.
ADD COMMENTS
Remaining characters


Current DateTime: 02:33:17 12 Nov 2009
LinksList Documentid: 29778428

Current DateTime: 11:27:48 12 Nov 2009
LinksList Documentid: 29779196

Current DateTime: 05:29:42 12 Nov 2009
LinksList Documentid: 29779199

Current DateTime: 01:00:12 12 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