The first step is the hardest for more people: how much do you need to live on in retirement? That number is after-tax, so we need to plan for pre-tax income to ensure the tax man gets paid. Most retirees have ‘active’ retirement years where they spend more, followed by ‘passive’ retirement years when they don’t spend as much. Thinking about healthcare needs is also an important aspect of determining how much you need to properly retire.

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