A recent Bloomberg article features a very simple and pointed headline aimed at the baby boomer demographic, namely, “How far does $1 million go in retirement?
Care to take a stab at that?
As stated, the query is simple. The answer, though, can be just as variable as is the group to which it is posed.
Remember, some boomers grew of age in hippie communes and with a virtual disdain for money. Others, conversely, became corporate CEOs or pursued other avenues that led to impressive riches. And in between those extremes are millions of other stories.
The short answer is that there really is no answer to the question of how much money a retired person will need, at least not in any definitive or boilerplate sense.
The query can take on a real sense of urgency and immediacy when it is directed at divorced individuals in Massachusetts or elsewhere who are just now entering into retirement age or already in that phase of life.
As we note on a relevant page of our family law website at the Wellesley Law Offices of Lisa A. Ruggieri, P.C., many retired divorced or divorcing parties are understandably “curious as to what their lifestyle will be like post-divorce.“
How much money will they in fact need? Would the above-cited $1 million be enough? Alternatively, might it make for a challenging lifestyle or even be flatly insufficient?
Again, every case is different. Any individual harboring money-related concerns during the divorce process might reasonably want to address them with a proven divorce attorney who routinely works with diverse clientele regarding post-divorce lifestyle maintenance issues.