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There are approx. 79 million baby boomers. Retirement income is a big question on many of their minds. In fact, a question often asked by boomers and needing an answer is, “How can I know for sure how much money I’ll need to retire?” This is an important query - I’ll give you the answer.

First, here is what you must ask yourself:  Are you wanting this money only for your own needs as long as you live? Or, do you want to leave a sizeable amount for your heirs? There is a huge difference here, and completely up to you.

To help you think this through, may I suggest that you do not have to feel that you are obligated to leave your heirs a fortune. Each of us has our own personal interests to look out for, once our children are grown. This is absolutely your personal choice. It is noble of heads to leave sizeable monies behind to a specified party, but again this is a choice, not a duty.

Retirement income - relief from worry has many avenues it can take. For example:

One half a million dollars sounds like a sizeable nest egg, considering the fact you’ll be drawing social security plus any benefits you prepared for in your early years. However, considering the lower dollar value with lower interest rates over a period of future years, and your nest egg can begin to look fairly small at retirement.

On the other hand, consider the positive reaction of investing your nest egg or part of it into a wise choice, and you can be looking at a very lucrative gain. More than enough to live a very comfortable lifestyle indeed as well as leave a chunky capital amount to your heirs if you so choose.

Another side of the coin to think about when questioning retirement income is your personal lifestyle. Are you a spender or a saver? Do you like luxury or do you consider life good even if you don’t have lots of the extra’s that many automatically consider part of a retirees mode of living. Simply put, travel, vacations, and shopping sprees can cost handsomely. Staying near home enjoying your children, grandchildren, and friends can grow your money to a hefty size.

There is a balance between the above two as well.

Put into a very easy formula, is to say in the end, that your retirement income and your relief from worry depends solely upon what really makes your world turn, your desires, your needs, your demands, your goals, or your willingness to sacrifice now to have for a rainy day later. You are the key element, and yes, life is full of choices. Make the right decision now and your future happiness can know no ends!