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Once you’ve saved enough money for retirement before your actual retirement date, does it make sense to keep saving and investing to grow your retirement portfolio? Or are you better off putting that money to use elsewhere?
Retirement Planning: How Much the Average Person 65 and Older Spends Monthly
Read: What To Do If You Owe Back Taxes to the IRS
Reaching your retirement number — i.e., the amount of money you need to afford retirement — can look different from person to person, depending on factors like your lifestyle and location. A GOBankingRates analysis found that in Mississippi, for example, you need just over $500,000 in retirement savings to afford the annual cost of living there; in Hawaii, you need over $1.8 million, so there’s a lot of variability.
That said, if you’ve done the math for your situation and feel like you’ve already…
