How much money do I need to retire?

I was recently asked by a friend if I’ve calculated the amount of money I need for retirement, and if so, how did I do it?  I think he was surprised by my response that I calculated the amount a long time ago when I first started working and have been updating the plan numbers every year based on new information. I asked him if he had a retirement plan and his response was that he’s also been saving for retirement since he started working many years ago, but his “plan” was to save as much as he could, whenever possible.  Continue reading “How much money do I need to retire?”