How much income do people need to stash in their 401(k)s to assure a successful retirement?
The nonprofit Employee Benefits Retirement Institute has come up with some new figures based on its Retirement Security Projection Model, which, it says, goes further than merely rely on replacing a percentage of income to pinpoint savings goals.
RSPM modeling accounts for longevity, postretirement investment risk, and nursing home costs, items and factors most other equations don’t consider, according to Jack VanDerhei, EBRI’s research director.
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