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How to Calculate a Retirement Goal

Most people appear to like simplicity. So when the question becomes “How Much Money Do I Need to Retire,” predictably, one might receive a response like how about $1 million dollars. Indeed, the one million dollar number is often floated as the amount of money a retiring household needs to retire comfortably.  But while that answer comes in the form of a simple-sounding round number, raising a million dollars isn’t so easy.  Indeed, few people achieve that goal.  So perhaps we should abandon a certain level of simplicity in favor of precision.  

Anirban tells us what goes into calculating what your number should be. 

Anirban Basu, Chariman Chief Executive Officer of Sage Policy Group (SPG), is one of the Mid-Atlantic region's leading economic consultants. Prior to founding SPG he was Chairman and CEO of Optimal Solutions Group, a company he co-founded and which continues to operate. Anirban has also served as Director of Applied Economics and Senior Economist for RESI, where he used his extensive knowledge of the Mid-Atlantic region to support numerous clients in their strategic decision-making processes. Clients have included the Maryland Department of Transportation, St. Paul Companies, Baltimore Symphony Orchestra Players Committee and the Martin O'Malley mayoral campaign.