How much will you need in retirement? The problem with this question is there is no one-size-fits-all answer. Your number will depend on many factors, including the following:
Your Address
The two coasts are generally among the most expensive places to live, with big cities like New York, Chicago and San Francisco among the priciest.
Your Taxes
State and local taxes can take a chunk of your retirement income, even after the federal government takes its share. Some higher-tax states, however, exempt some retirement income from taxes.
Your Health
The healthcare bill for a couple from age 65 until death can exceed six figures, even with insurance. Make sure you have the health insurance you might need.
Your Travel
Most retirees begin to travel less as they reach age 75 to 80. Before then, how much you plan to travel before settling down and how expensive that travel is can have a big impact on your retirement savings.