Getting your player ready...
Conventional wisdom says to enjoy a comfortable retirement, you need resources to provide about 70 percent of your annual pre-retirement income.
But consider a single person and a family of six, each with an annual income of $50,000 before retiring. Do they both need $35,000 annually in retirement? No, say researchers from the University of Wisconsin.
Whether a person is single, married or in a big household all affect how much is needed. They found nearly half of the households studied need less than 65 percent of their pre-retirement income.
Retirement income replacement rates by:
Marital status
Single: 55%
Married: 75%
Number of children
Zero: 47%
Four: 63%
Six or more: 70%
