By the time they’re 50
“How much do I need to retire?”
That’s the question that makes financial advisors and wealth managers sigh. It’s impossible to answer because it can range from a few hundred thousand dollars (three meals a day and a one room flat) to the GDP of a small country (I want a yacht, two helicopters, a penthouse). So while no one can give you an exact number, we can at least point out a few guidelines.
Here are the things you should have by 50:
- No more debt besides your mortgage
- Saved up around four times your annual salary
- A more defensive portfolio
- A will or trust
- Clear rules on supporting your children/grandchildren
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