This is a difficult but crucial question to ask. Because many factors must be considered, the answer is, "It depends."

• What is your current age?

• At what age do you intend to retire?

• How many years will you live in retirement? (How long will you live?)

• How much are you currently earning?

• What will be your main sources of income during retirement?

• How much money do you need (or want) to spend each month in retirement to achieve your goals and maintain your lifestyle?

• How much have you already accumulated in employer benefits?

• How much have you already saved or invested for retirement?

• How comfortable are you taking risks with your investment dollars?

• How many people must you support financially now and in the future?

Because you will probably live longer than you expect, proper financial planning now will determine the standard of living you will enjoy for the rest of your life.