Some excellent resources on how much to save for retirement:
- The Center for Retirement Research at Boston College recently published an analysis of how much Americans need to save in order to be able to maintain a reasonable lifestyle in retirement. Published in November 2011, the report is titled “How Much to Save for a Secure Retirement.”
- Geoff Considine offers some helpful comments on the CRR report here.
- I’ve mentioned it multiple times before, but don’t forget Wade Pfau’s important paper, Safe Savings Rates: A New Approach to Retirement Planning over the Life Cycle. Wade blogs about this subject here.
- Wade has another excellent piece worth examining in this context: Getting on Track for a Sustainable Retirement: A Reality Check on Savings and Work. I also recommend his Withdrawal Rates, Savings Rates, and Valuation-Based Asset Allocation.
Bob, thanks a lot for mentioning my articles in connection with the CRR brief. It’s an example of the traditional retirement planning approach to which I am trying to provide alternative. Though the CRR approach can give you a decent idea of what you need to do when you are still many years from retirement, it will not be so useful for fine tuning your situation as retirement approaches.
Exactly (and you’re welcome).