How much money will you need before retiring? This obviously is very important question, but also a very difficult question to answer. There are many factors and assumptions that go into estimating the income that will be needed in retirement. With so many estimates and assumptions, there is a high probability the estimated number will be incorrect.
In the summer of 2009, BusinessWeek week ran an article in which Brett Hammond, TIAA-CREF’s chief investment strategist, shared an easy way for people to check on their retirement readiness.